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Last Update: 19-Feb-13 07:58 ET
Perry Ellis shares little changed following guidance well below consensus
Perry Ellis (PERY) issued downside guidance for the fourth quarter with EPS of $0.48-0.50, excluding non-recurring items, versus the $0.84 consensus and revenues of approximately $258 million versus the $282.76 million consensus. The Company noted ~$14.5 million in planned wholesale shipments shifted from the fourth quarter of fiscal 2013 to the first quarter of fiscal 2014 thus impacting both fourth quarter and fiscal 2013 revenue. These shipments were completed during the first 10 days of fiscal 2014 and resulted from retailers delaying receipts until the following fiscal quarter, as well as late receipts of production. The Company does not believe this delay will impact its spring selling season. This shift is expected to continue and is therefore planned in our fiscal quarters for 2014. The company issued downside guidance for fiscal year 2014 with EPS of $1.50-1.60, excluding non-recurring items, versus the $2.15 consensus and revenues of +3-5% to approximately $999-1,019 million (calculated off preannounced FY13 revenue of $970 million versus the $1.05 billion consensus; gross margin expanding over 100 bps YoY.
