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Reuters
Published
Aug 23, 2011
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Perry Ellis Q2 beats market estimates

By
Reuters
Published
Aug 23, 2011

August 23 - Perry Ellis International Inc's quarterly profit topped Wall Street expectations as strong demand for its men's golfing merchandise as well as women's wear offset a weakness in margins.

Perry Ellis
Perryellis.com

The company saw margins fall as it moved to a lower-return wholesale business for its dress shirts and small leather goods businesses, and reduced the percentage of revenue from licenses.

For the second quarter, Perry Ellis earned $1.8 million, or 11 cents a share, compared with a loss of $2.0 million, or 15 cents a share, last year.

Revenue rose 33 percent to $214.4 million, while gross margins fell to 33.7 percent from 36 percent last year.

Analysts, on average, were expecting earnings of 4 cents a share on revenue of $203.9 million, according to Thomson Reuters I/B/E/S.

Miami-based Perry Ellis now expects to earn $2.45-$2.52 a share for the year, compared to earlier expectations of $2.40-$2.50 a share.

Shares of the company closed at $17.70 Wednesday on Nasdaq.

(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Viraj Nair)

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