Perry Ellis International Inc.’s golf apparel and swimwear segments delivered a strong start to the year. In the first quarter, golf revenues grew 16 percent with a “solid” performance across the brands the company owns or licenses.
On a conference call with analysts, company Vice Chairman, President and COO Oscar Feldenkreis said PGA Tour product “continues to perform extremely well.” Aided by several new short programs rolled out this spring, PGA Tour increased its penetration within several key retailers, with product trending ahead of plan over 20 percent so far this spring.
Callaway brand golf apparel is also “seeing consistent growth” with door penetration increasing over 42 percent within better department stores, as well as major big and tall shops. The brand is now in over 500 doors. Management maintains that PERY is the largest golf apparel company in the U.S., with presence in over 7,000 retail doors. Other golf brands include Top-Flite and Champions Tour.
Feldenkreis added that the swim business, including Nike and Jantzen, remains “on track to wrap up a successful swim season” and is expected to grow in the high-single-digits going forward. Nike remains a top-performing swim brand in the classification business at Macy’s, Kohl’s, and J.C. Penney; and “we are poised for a strong growth within all three major accounts,” he said. He also said Perry Ellis has secured top-door placements with Macy’s for Nike women’s product for 2012, calling it “a fantastic growth opportunity for us.”
Overall, Perry Ellis net earnings climbed 37.5 percent to $15.4 million, or 99 cents per share. Revenue rose 30.9 percent to $288.3 million.
