Perry Ellis International, Inc. (PERY) reported that its fourth-quarter net income rose to $4.39 million or $0.28 per share, from $1.78 million or $0.12 per share last year. Net income, as adjusted, increased to $7.70 million or $0.50 per share, from $5.88 million or $0.38 per share prior year.
Total revenues rose to $258.35 million from $229.45 million last year. The company said the revenue growth was driven by many of its businesses, including Golf lifestyle apparel, the Perry Ellis brand, Laundry by Shelli Segal, International distribution and Direct to Consumer sales. Gross margins expanded to 32.6% compared to 31.4% prior year, reflecting a lower level of promotions in the collections businesses as well as higher contributions from the businesses.
On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.48 for the quarter. Analysts' estimates typically exclude speical items. Analysts expected revenue of $258.29 million for the quarter.
The company maintained the guidance it provided on February 19, 2013 for fiscal 2014. The company continues to expect revenue to increase in a range of 3% to 5% and profit per share on an adjusted basis to be in a range of $1.50-$1.60. On a GAAP basis, the company expects profit per share to be in a range of $1.60-$1.70. Analysts expect the company to report fiscal 2014 profit per share of $1.60.
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