USA: Perry Ellis Has Q3 Profit Up 10%, Outlook Good
Apparel maker Perry Ellis International Inc on Tuesday reported a 10 per cent climb in third quarter net profit and said it remains very confident its recently integrated Jantzen swimwear business will be profitable.
The Florida-based company, whose brands include Perry Ellis, John Henry and Natural Issue, posted quarterly net income of $1.1 million versus $1m in the year-ago period amid a five per cent jump in sales to $63m from $60m.
Royalty income rose 18.1 per cent to $7.6m and Perry said it expects fourth quarter sales to increase nearly 50 per cent over the year-ago period due to the strength in its core business and strong seasonal Jantzen sales.
Chairman and CEO, George Feldenkreis said: "We are pleased with the third quarter results. Our diversification across brands, product categories, and distribution channels allowed us to pursue opportunities for growth and mitigate softness in some channels of distribution.
"During the quarter, we continued to absorb the increased costs associated with Jantzen's seasonality and are positioned for an increase in earnings per share in the fourth quarter. Excluding Jantzen, the operating contribution of our core business for the quarter was up approximately 34 per cent.
"We remain highly confident that Jantzen, which has been integrated, will be profitable during the fourth quarter of this year and next fiscal year."
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