Perry Ellis International, Inc. reported total revenue for the third quarter ended October 31, 2004 of $160.7 million, compared to $159.5 million reported for the same period last year. For the nine months ended October 31, 2004, total revenue was $484.5 million, an increase of $124.0 million, or 34.4%, over the same period last year. As a reminder, year to date results include the addition of net sales and reduction in royalty income from the June 2003 acquisition of Salant
Corporation.

Net income for the third quarter was $7.2 million, or $0.72 per fully diluted share, up from $1.7 million, or $0.18 per fully diluted share, from the same period last year. Last year’s fully diluted earnings per share include a charge of $0.51 per fully diluted share for certain note refinancing expenses. For the nine-month period ended October 31, 2004, net income was $12.7 million, or $1.32 per fully diluted share, compared to $4.7 million or $0.58 per fully diluted share, for the same period a year ago ($1.15 per share after excluding the note refinancing.

George Feldenkreis, Chairman and Chief Executive officer commented: “While overall net shipments for the third quarter were flat with last year, as some of our shipments were postponed to the fourth quarter, our menswear business continues to be very strong and we expect double digit growth in the current fourth quarter compared to last year.”

“Our earnings this quarter were negatively impacted by approximately $0.10 per share from our swimwear business as we realized lower than anticipated margins associated with the final resolution of markdown support and inventory disposition for the 2004 line year. As we have previously indicated, we are taking a number of steps that we believe will position the swimwear business to be a positive contributor to our earnings in our next fiscal year.”

“For fiscal 2005, we expect to report record revenue and net income. Earnings per fully diluted share are projected in the $2.10-$2.20 per fully diluted share range, below our previous guidance of $2.35. This shortfall is primarily due to lower than anticipated swimwear earnings, as well as higher than anticipated fourth quarter logistics costs due to the end of apparel import quotas on January 1, 2005.”

Oscar Feldenkreis, the Company’s President and Chief Operating Officer, added: “We are disappointed with our performance in the swimwear business this year. We believe that the actions we are taking, including a rationalization of our product offering, changes in our sourcing and overhead expense structure and a significant reduction in inventory levels will position us for a profitable swimwear line in fiscal 2006. Our menswear brands especially Perry Ellis(R), Original Penguin(R), Cubavera(R), PING(R), and PGA Tour(R) are achieving record sales and we expect this momentum to continue into next year.”


           PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES
                  SELECTED FINANCIAL DATA (UNAUDITED)
           (amounts in 000's, except per share information)

INCOME STATEMENT DATA:
                               Three Months Ended   Nine Months Ended
                                   October 31,         October 31,
                               ------------------  -------------------
                                 2004      2003      2004      2003
                               --------- --------- --------- ---------

Revenues
  Net sales                    $154,716  $154,954  $467,869  $343,887
  Royalty income                  5,989     4,530    16,621    16,641
                               --------- --------- --------- ---------
       Total revenues           160,705   159,484   484,490   360,528
Cost of sales                   108,192   107,620   331,307   244,017
                               --------- --------- --------- ---------
Gross profit                     52,513    51,864   153,183   116,511
Operating expenses
  Selling, general and
   administrative expenses       35,663    35,491   117,064    84,398
  Depreciation and
   amortization                   1,685     1,697     4,724     4,222
                               --------- --------- --------- ---------
       Total operating
        expenses                 37,348    37,188   121,788    88,620
                               --------- --------- --------- ---------
Operating income                 15,165    14,676    31,395    27,891
Costs on early extinguishment
 of debt                              -     7,317         -     7,317
Interest expense                  3,621     4,429    10,822    12,783
                               --------- --------- --------- ---------

Income before minority interest
 and income taxes                11,544     2,930    20,573     7,791
Minority interest                   180       214       334       240
Income tax provision              4,179     1,043     7,492     2,884
                               --------- --------- --------- ---------
Net income                       $7,185    $1,673   $12,747    $4,667
                               ========= ========= ========= =========

Net income  per share
   Basic                          $0.76     $0.20     $1.41     $0.63
                               ========= ========= ========= =========
   Diluted                        $0.72     $0.18     $1.32     $0.58