Perry Ellis International reported third quarter revenue increased 23 percent, to $248.4 million from $201.3 million. Net income slid to $6.5 million, or 42 cents a share, down from $7.3 million, or 54 cents a share, a year ago.
The apparel maker blamed it its problems on increased markdowns for both its Rafaella and Perry Ellis collections.
President and CCO Oscar Feldenkreis said the company’s goal for its Perry Ellis brand “is to expand its domestic focus in product offering, performance and distribution.”
On Wednesday, the company appointed Carmine Petruzello president of its Perry Ellis division. He was previously president of the U.S. division of denim company Buffalo David Bitton.
“Perry Ellis is at an inflection point, and further enhancing the brand’s positioning through investments in management, marketing and retail support will be required in order to expand the brand, both domestically, as well as on a global scale,” Feldenkreis said.
Looking ahead, Feldenkreis said, the company expects to see more markdowns in the fourth quarter.
The company said it now expects fiscal 2012 total revenue of about $1 billion, EBITDA in a range of about $75 million to $80 million, and fully diluted adjusted earnings per share at or above $2. That’s down from prior guidance of $90 million in EBITDA and fully diluted adjusted earnings per share in the range of $2.45 to $2.52.
