Perry Ellis shares rise on 4Q earnings beat
MIAMI (AP) — Shares of Perry Ellis International Inc. jumped Thursday after the clothing maker said its fourth-quarter net income more than doubled.
For the quarter ended Feb. 2, the Miami-based company earned $4.4 million, or 28 cents per share, up from $1.8 million, or 12 cents per share, in the same quarter the year before. Excluding one-time items, the company posted an adjusted profit of 50 cents per share for the recent quarter.
Revenue increased 13 percent to $258.3 million from $229.4 million.
The profit beat Wall Street predictions, while the revenue matched them. Analysts, on average, expected a profit of 48 cents per share on $258.3 million in revenue, according to FactSet.
Perry Ellis credited the revenue growth to better sales of golf lifestyle apparel and higher demand for its Perry Ellis and Laundry by Shelli Segal brands, along with better international distribution and direct to consumer sales.
For the full fiscal year, the company earned $14.8 million, or 97 cents per share, down from $25.5 million, or $1.60 per share, the year before. Revenue fell to $969.6 million from $980.6 million.
But Perry Ellis backed its previous fiscal 2014 guidance, which falls below current Wall Street predictions. The company said it expects earnings per share of between $1.50 and $1.60 and revenue growth of between 3 percent and 5 percent. Based on the company's fiscal 2013 results, the guidance implies fiscal 2014 revenue of $998.6 million and $1.02 billion.
Analysts expect 2014 earnings of $1.60 per share on $1.04 billion in revenue.
In morning trading, Perry Ellis shares rose $1.41, or 8 percent, to $18.81, after peaking at $18.98. Over the past 52 weeks, the stock has traded between $16.02 and $23.28.