Perry Ellis International, Inc. reported total revenue for the fourth quarter ended January 31, 2004 was $145.4 million, an increase of $58.9 million, or 67.9% over the $86.5 million reported in the same period a year ago.

Total revenue for the year ended January 31, 2004 was $505.9 million, an increase of $200.1 million, or 65.4% over the $305.8 million reported for the year ended January 31, 2003. The increase in both periods is primarily attributable to the inclusion of revenue from the company's acquisition of Salant in June 2003 as well as an increase in sales from the company's core wholesale division.

Operating income for the year ended January 31, 2004 was $44.8 million, an increase of $11.4 million, or 34.1%, from the same period a year ago. Fully diluted earnings per share, before a pre-tax charge related to certain note refinancing costs were $2.15 as compared to $1.65 per fully diluted share reported for the same period a year ago. As previously indicated, the company has taken a $7.3 million pre-tax charge to earnings in the third quarter for certain costs related to the Company's refinancing of its $100 million 12 1/4 % senior subordinated notes with a new issue of $150 million of 8 7/8 % senior subordinated notes in September, 2003. After giving effect to the costs associated with the note refinancing, fully diluted earnings per share are $1.59 per share for the year ended January 31, 2004 as compared to $1.65.

For the fourth quarter ended January 31, 2004, diluted earnings per share were $0.93, an increase of $0.52 per diluted share, or 126.8% over the fourth quarter a year ago.

George Feldenkreis, chairman and chief executive officer, commented: “We are pleased that we have been able once again to report record revenues and earnings. The fourth quarter marked a noticeable change in consumer confidence that has carried into the beginning of this year. The retail climate is now as strong as we have seen in several years and we are benefiting from robust sales. Our brands are doing exceptionally well at retail not only because of this shift in consumer confidence, but also because our delivery of fashion and color ignited the business. As a result, we expect that sales for the current quarter will continue to generate record levels.”

He continued: “Through acquisition and internal growth, we have developed a brand portfolio that enables us to touch consumers through every retail channel. We are excited about the growth possibilities in all our product lines.”

Oscar Feldenkreis, president and chief operating officer, emphasized the continued success of the company's brand marketing strategy. “We feel that as the consolidation at retail and wholesale continues, our most important asset is our brands. As we transform into a company driven by brand marketing, we are perfecting the formula for maximizing our investment. We are combining a strategic focus on our top brands with regional and demographic focused marketing efforts that partner with key retailers. Our investment in brands is also tied to our commitment to innovative design and quality product. This focus is reflected in our top line growth, and we believe that this strategy will continue to produce results in the coming year.” 

                   Perry Ellis International, Inc.
             UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
               (in 000's, except per share information)

                         Three Months Ended      Twelve Months Ended
                              January 31,             January 31,
                       -----------------------------------------------

                          2004        2003        2004        2003
                       ----------- ----------- ----------- -----------

Net sales              $  140,311  $   78,978  $  484,198  $  277,028

Royalty income              5,077       7,574      21,718      28,813
                       ----------- ----------- ----------- -----------

Total revenue             145,388      86,552     505,916     305,841

Cost of sales              93,865      58,487     336,415     205,001
                       ----------- ----------- ----------- -----------

Gross profit               51,523      28,065     169,501     100,840
                       ----------- ----------- ----------- -----------

SG&A expenses              33,801      18,146     119,666      63,850

Depreciation &
 amortization                 821       1,327       5,043       3,583
                       ----------- ----------- ----------- -----------

Total operating
 expenses                  34,622      19,473     124,709      67,433
                       ----------- ----------- ----------- -----------

Operating income           16,901       8,592      44,792      33,407

Costs on early
 extinguishment of
 debt                           -           -       7,317           -
Interest expense            3,631       3,989      16,414      15,796
                       ----------- ----------- ----------- -----------

Total other expenses        3,631       3,989      23,731      15,796
                       ----------- ----------- ----------- -----------

Income Before Minority
 Interest and Income
 Taxes                     13,270       4,603      21,061      17,611

Minority Interest             (26)          -         214         (89)

Income tax provision        4,811       1,820       7,695       6,726
                       ----------- ----------- ----------- -----------

Net income             $    8,485  $    2,783  $   13,152  $   10,796
                       =========== =========== =========== ===========

Earnings per share:
    Basic                    1.00        0.43        1.71        1.69
    Diluted                  0.93        0.41        1.59        1.65