USA: Perry Ellis Q1 Profit Hits $4.8m
Apparel manufacturer Perry Ellis International Inc on Tuesday reported better-than-expected first quarter results as its net income climbed 29 per cent to $4.8 million from $3.8m in the year-ago period.
The Florida-based company said net domestic sales climbed 3.9 per cent to $77.7m while adjusted worldwide net sales increased 5.1 per cent to $78.6m from $74.8m. Total revenue for the period was $84.7m versus $86.9m in 2001.
"We are extremely satisfied with our first quarter results and pleased that we once again exceeded analyst expectations and prior guidance," said George Feldenkreis, chairman and CEO of Perry Ellis International.
"The benefits derived from strategies that we implemented over the past two years - including increased diversity of our distribution channels and reductions in overhead are clearly reflected in the improvement in margins and earnings per share this quarter. We are looking forward to continued improvement as the year progresses."
Perry Ellis International markets products in over 40 different categories under the Perry Ellis, Perry Ellis Portfolio and Perry Ellis America trademarks. It also produces and distributes other trademarks including, Jantzen, Nike and Tommy Hilfiger.
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