Perry Ellis International, Inc. reported a net loss for the second quarter with management describing this as the toughest quarter since the company went public. However, sales were good for the golf and swim segments of the companys business. Overall, the company reported a net loss of $5.4 million, or 36 cents per diluted share for the quarter after net income of $267,000, or 2 cents per diluted share, last year. The second quarter numbers were impacted by a combined 27 cents per share in charges. Total revenues for the quarter were $193.7 million, down from $195.3 million last year.
The swim businesses continued to exceed plan and had the strongest second quarter in its history. The company has focused on revitalizing the Jantzen brand, which will be available in over 1,400 department stores compared to 1,001 last year. Product expansions will include coverups, which should represent between 20% and 25% of the brand sales. The company may also pursue licensing opportunities in other beach lifestyle categories such as accessories, beach towels, sunglasses and related products that are relevant to the Jantzen brand. The company will also launch an Original Penguin swim line in March or April 2009.
Golf revenues grew over 20% for the second quarter, but Original Penguin sales were below the year-ago level.
EBITDA as adjusted was $1.9 million for the second quarter of fiscal 2009, compared to $8.3 million, representing a reduction of $6.4 million over the same period last year.
The company confirmed its revenue guidance for the twelve months ending Jan. 31, 2009 at $910 million to $925 million and updated its earnings guidance to the range of $1.67 to $1.72 per diluted share from the previously announced $1.95 to $2.00 per diluted share
