Perry Ellis International Inc., the US-based fashion retailer, has unveiled its financial results for the second quarter of current fiscal. The company reported a strong quarter with a noteworthy rise in revenue and gross margin.
At the start of the fiscal, the company had set the revenue target of US $ 202-205 million for the quarter. The total revenue surpassed the company’s expectations by 2.5 per cent to reach US $ 207 million. The growth in core brand sales throughout the spring season resulted in revenue surge.
Additionally, gross margin of the fashion retailer ascended 37 per cent to 40 basis points versus 36.6 per cent hike in the corresponding period last year. “The increase in gross margin was a result of our disciplined inventory management as well as we marked growing sales of the higher margin core clothing brands,” claims Perry Ellis.
The company tapped 116 per cent growth in adjusted pre-tax income which reached US $ 3.2 million during the quarter.
On a GAAP-basis, pre-tax income was US $ 2.7 million when compared with pre-tax loss of US $ 4.4 million in the same quarter of the previous fiscal. GAAP net income rose to US $ 1 million as against the loss of US $ 3.6 million in the prior-year period.
Oscar Feldenkreis, President and CEO, Perry Ellis, commented, “Particularly, our PERRY ELLIS, Original Penguin, Golf Sportswear and Nike brands have tapped growth for us in the second quarter. Our brands and business are positioned for success as we enter the fall season and as such have reiterated our guidance.”
The company now expects its full year revenue to be in the range of US $ 870-880 million.
