Perry Ellis International said it now expects revenue to be approximately $222 million in its third quarter ended Nov. 2, compared to $236.2 million for the third quarter of fiscal 2013. The company had previously anticipated revenue growth to be in a range of even to a decline of 2 percent over the third quarter of the prior year.
The revenues for the third quarter of fiscal 2014 were impacted by reduced shipments primarily due to the reduction of private label business for the mid-tier channel, as well as reduced sales through its direct retail channel. Positively, the company continued to see strong performance in its golf lifestyle apparel and Nike swim business which performed in line with the company's plan.
As a result of the reduced revenue, the company anticipates an adjusted loss per share for the quarter to result in a range of 15 to 17 cents per share as compared to adjusted earnings per share of $0.25 in the same period of prior year.
For the full fiscal year, the company anticipates revenues to be in a range of $960 to $970 million as compared to the previous guidance of $985 to $995 million. The reduction reflects the impact of third quarter of fiscal 2014 along with the private label reduction for the mid-tier channel as well as direct retail sales for the remainder of the year. As a result, the company anticipates adjusted earnings per share for fiscal 2014 in a range of $0.95 to $1.01 as compared to the previous guidance of $1.50 to $1.60.
The company ended the third quarter of fiscal 2014 with approximately $166 million in inventory compared to $179 million at the end of the second quarter and $157 million in the third quarter of fiscal 2013.
The company will provide a full update on its earnings conference call to discuss actions taken in the business to return to improved profitability for fiscal 2015 on Thursday, November 21st at 9 a.m. EST (8:00 a.m. CST; 7:00 a.m. MST; 6:00 a.m. PST).
Perry Ellis International's brands, include: Perry Ellis, Jantzen, Laundry by Shelli Segal, C&C California, Rafaella, Cubavera, Ben Hogan, Centro, Munsingwear, Savane, Original Penguin by Munsingwear, Grand Slam, Natural Issue, Pro Player, the Havanera Co., Gotcha, MCD, John Henry, Mondo di Marco, Redsand, Manhattan, Axist, Farah, Anchor Blue, Miller's Outpost, Tahoe River Outfitters, Original Khaki company and Techworks. The company enhances its roster of brands by licensing trademarks from third parties, including: Nike and Jag for swimwear, and Callaway, PGA TOUR and Champions Tour for golf apparel.