US: Perry Ellis Q4 profit down on tough Christmas
By Richard Woodard | 22 March 2012
- Q4 net profit US$1.1m, versus $7.7m
- Revenues up 11% to $229.4m
- FY organic revenue up 8.5%
Apparel business Perry Ellis suffered a drop in fourth quarter profit, despite a double-digit revenue increase, after a difficult holiday season.
Gross margins for the year fell back to 33% from 35.7%, impacted by retailers requesting later deliveries and a significant increase in promotional markdowns and sales allowances in the holiday season.
However, full-year revenues rose 24% to $980.6m, with recent acquisition Rafaella contributing $123.3m and organic revenues up 8.5%, led by golf lifestyle, swim, direct to consumer and ladies’ dresses.
“Fiscal 2012 included strong sales and profit growth despite second half challenges driven by the difficult holiday season and product setbacks within our Perry Ellis and Rafaella collection businesses,” said Perry Ellis president and COO Oscar Feldenkreis.
“Importantly, we ended the year in a solid financial position with the processes, initiatives and talent in place to improve our long-term operating performance.”
For fiscal 2013, the company is projecting revenues of $990m-1bn and earnings per diluted share of $1.85-1.90.
Companies: Perry Ellis
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