Perry Ellis International, Inc.(PERY), a designer and distributor of licensing apparel products, Thursday reported an increase in net income for the first quarter, including a tax benefit. Excluding items, earnings fell shy of the Street estimates by a penny. The company also lowered fiscal 2014 earnings guidance. For the three-month period, the company reported net income of $11.3 million or $0.74 per share compared with $9.7 million or $0.64 during the corresponding quarter last year. The increase included a tax benefit of $2.4 million.
Excluding certain items, the company reported earnings of $0.62 per share. On average, seven analysts polled by Thomson Reuters expected earnings per share of $0.63 for the first quarter. Analysts' estimates typically exclude one-time items.
Total revenues were $262.3 million compared with $265.5 million reported during the comparable period last year. Analysts estimated the company to report revenues of $265.82 million.
Looking forward, the company said it still expects revenue to increase in a range of 3-5 percent for the fiscal 2014. On a GAAP basis, the company now expects to report earnings in the range of $1.58 - $1.68 per share for the full year, lowered from its previously announced guidance range of $1.60 to $1.70 per share. The company continues to anticipate full year adjusted earnings to be in a range of $1.50 - $1.60. Analysts expect the firm to record earnings of $1.56 per share for the year.
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