Aug 19, 2009
Perry Ellis posts narrower-than-expected second quarter loss
Aug 19, 2009
Aug 19 (Reuters) - Clothing maker Perry Ellis International Inc (PERY.O) reported a narrower-than-expected quarterly loss, helped by tighter cost control, and forecast full-year earnings ahead of Wall Street expectations on increased visibility for holiday season orders.
Perry Ellis summer 2009 - www.perryellis.com
Perry Ellis expects to earn 70 to 85 cents a share in fiscal 2010. It reaffirmed its revenue outlook of a decline in the low double-digits.
Analysts on average were looking for a profit of 68 cents a share, before items, on revenue of $783.7 million, according to Reuters Estimates.
For the second quarter, Perry Ellis posted a loss attributable to the company of $5.3 million, or 42 cents a share, compared with $5.4 million, or 36 cents a share, a year ago.
Revenue fell 18 percent to $159.2 million.
Analysts on average expected a loss of 54 cents a share, on revenue of $172.9 million.
Perry Ellis reduced total operating expenses 20 percent to $51.1 million.
To contend with the challenging sales climate, Perry Ellis has looked to keep a tight lid on expenses and slashed inventory to strengthen its liquidity and financial position.
Shares of the Miami-based company closed at $8.92 Tuesday 18 August on Nasdaq. (Reporting by Viraj Nair in Bangalore; Editing by Anne Pallivathuckal)
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