- Prachi Singh |
Total revenue at Perry Ellis International, Inc. was 199 million dollars, a 3.5 percent decrease or 3.8 percent increase in constant currency. The company said, this decrease was primarily the result of the decline in the women’s business attributed to the loss of sales associated with Bon-Ton in the amount of 5 million dollars and the transfer of its Laundry dresses to a licensing partner, partially offset by increases in Original Penguin and international business.
Commenting on the company’s performance, Oscar Feldenkreis, the company’s CEO and President, said in a statement: "The second quarter completed a strong first half for Perry Ellis highlighted by core revenue growth, positive comparable store sales and expansion in gross margin, which drove an increase in adjusted pre-tax income versus the prior year first half. We believe our brands and business are positioned for success as we enter the fall season.”
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Review of Perry Ellis’ second quarter
There was a 110 basis point expansion in GAAP gross margin to 38.1 percent in the second quarter of fiscal 2019 from 37 percent in the second quarter of fiscal 2018. The company’s international business increased by 10 percent. Adjusted EBITDA totalled 8.3 million dollars compared to 8.5 million dollars in the comparable period of the prior year.
As reported under GAAP, second quarter net loss was 3.3 million dollars or 0.21 dollar per diluted share, compared to GAAP net income of 1 million dollars or 0.06 dollar per diluted share, in the prior year period. On an adjusted basis, second quarter net income was 2.5 million dollars or 0.16 dollar per diluted share compared to 2.5 million dollars or 0.16 dollar per diluted share in the second quarter of fiscal 2018.
Total revenues for the first six months were 455 million dollars, up 1.3 percent on a GAAP basis and 0.7 percent in constant currency from 449 million dollars reported in the first six months of fiscal 2018. Core revenues, which exclude the impact of business exits rose 3 percent.
Adjusted diluted EPS of 0.94 dollar declined 6 percent versus adjusted diluted EPS of 1 dollar in the first six months of fiscal 2018; GAAP diluted EPS was 0.45 dollar compared to 0.90 dollar in the second quarter of fiscal 2018.