Apparel retailer Perry Ellis International, Inc. (PERY) reported Wednesday a narrower loss for the second quarter, despite a 17.8% decline in revenues, reflecting the absence of hefty one-time charges that hurt the prior-year results. The company also provided earnings guidance for the full year.
For the second quarter, net loss attributed to Perry Ellis narrowed marginally to $5.31 million from $5.38 million in the previous year. On a per share basis, however, net loss widened to $0.42 from $0.36, as the average number of shares outstanding dipped year-over-year to 12.67 million from 14.78 million.
The results of the year-ago quarter included impairment on marketable securities of $1.98 million and restructuring costs of $2.41 million.
On average, six analysts polled by Thomson Reuters expected the company to report loss of $0.57 per share in the second quarter. Analysts' estimates typically exclude special items.
Total revenues for the period dropped 17.8% to $159.17 million from $193.70 million. Analysts were looking for revenue of $171.04 million for the second quarter, reflecting chiefly exit from mass merchant private label business, multiple retailers, men's specialty store, Dockers outerwear and dress shirtbusiness, and weak swimwear sales at department store channels.
Net sales fell to $152.98 million from $187.40 million, while royalty income decreased to $6.19 million from $6.29 million in the same period last year.
For the six-month period, net income attributed to Perry Ellis dwindled to $541 thousand or $0.04 per share from $3.73 million or $0.24 per share in fiscal 2009. Revenues slid 13.3% to $379.21 million from $437.25 million.
Looking ahead, for fiscal 2010, the company expects earnings to be in the range of $0.70 - $0.85. The company also foresees full-year total revenue to decrease in the low double digits. Analysts estimate earnings of $0.75 per share for fiscal 2010.
Oscar Feldenkreis, chief operating officer of Perry Ellis, said, "Although our top line remains challenged for next quarter as retailers had already committed to conservative Fall' 09 plans, we expect to pick up momentum during the month of October and return to solid growth for the fourth quarter of this year,"
Further, the company lowered capital expenditures forecast to $6 million - $7 million from the earlier range of $7 million to $8 million for the full year.
PERY closed Tuesday's regular trading hours at $8.92 on the NASDAQ.
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