• Q3 sales drop 6% to US$222m
  • Revenues hit by lower private label sales
  • Lowers full-year sales and EPS guidance
Perry Ellis revenues were hit by lower shipments

Perry Ellis' revenues were hit by lower shipments

Apparel group Perry Ellis International has lowered its full-year earnings and sales guidance after of a drop in private label revenues.

For the third quarter ended 2 November, Perry Ellis estimated sales of US$222m compared to $236.2m in the prior year period, a decline of 6%. The company previously forecast sales growth to range from flat to a 2% decline. 

Revenues were hit by lower shipments, primarily due to the reduction of private label business for the mid-tier channel, as well as reduced sales through the firm's direct retail channel.

As a result, the company now expects an adjusted loss per share in the range of $0.15 to $0.17 for the quarter, compared to $0.25 in the comparable period last year.

Miami-based Perry Ellis lowered its fiscal 2014 earnings forecast to $0.95-1.01 per share, from a previous $1.50-$1.60. Sales are expected to be in the range of $960m to $970m from a previous forecast of $985m to $995m.