- Prachi Singh |
Total revenue at Perry Ellis International was 199 million dollars, a 2.5 percent or 2.1 percent increase in constant currency in the third quarter of fiscal 2018. This, the company said, reflected growth in core brand sales and strong sales throughout the fall season. The company has reiterated revenue guidance for this fiscal year in a range of 870 million to 880 million dollars and diluted EPS in the range of 2.07 to 2.17 dollars.
Commenting on the third quarter trading, Oscar Feldenkreis, the company’s CEO and President, said in a statement: "Our powerful portfolio of global brands combined with the disciplined execution of our growth strategies by our team led to another strong quarter at Perry Ellis International, continuing our positive momentum from the first half of the year. The third quarter was highlighted by strength across key financial metrics with increased revenues, expansion in gross margin and expense leverage, which drove a 165 percent increase in adjusted pre-tax income versus the prior year."
Q3 highlights of Perry Ellis results
The company added that the disciplined management of inventory along with increased sales of higher margin core brands led to a 60 basis point expansion in GAAP gross margin to 37.3 percent from 36.7 percent in the third quarter of fiscal 2017. Adjusted gross margin was also 37.3 percent compared with adjusted gross margin of 36.8 percent in the comparable period of the prior year. Adjusted EBITDA totalled 9.6 million dollars compared to 6.9 million dollars in the comparable period of the prior year.
As reported under GAAP, the third quarter net income was 3.2 million dollars or 0.21 dollar per diluted share, compared to a GAAP net loss of 5.2 million dollars or 0.34 dollar per diluted share, in the prior year period. On an adjusted basis, net income was 3.9 million dollars or 0.25 dollar per diluted share, as compared to adjusted net income of 3.5 million dollars or 0.23 dollar per diluted share in the third quarter of fiscal 2017.
Picture:Perry Ellis International website