Perry Ellis (PERY) Tops Q4 EPS by 4c; Guides FY15 EPS Ahead of Views

Perry Ellis (NASDAQ: PERY) reported Q4 EPS of $0.07, $0.04 better than the analyst estimate of $0.03. Revenue for the quarter came in at $218 million versus the consensus estimate of $217.74 million.

Update on Strategic Priorities for Fiscal 2015 to Enhance Profitability

As previously announced, the Company continues to focus on specific strategic priorities that it believes will deliver sustainable growth in revenues and profits.

George Feldenkreis, Chairman and Chief Executive Officer, Perry Ellis International, commented, "We have made significant progress improving our core business and I am pleased with our team's efforts to execute our growth and profitability plans. I am confident that the actions we are taking combined with the global strength of our operating brands, Perry Ellis, Original Penguin, Rafaella and Golf lifestyle business, solidly position the company for improved operational and financial performance."

The Company's focused strategy includes:

• Ongoing strategic review of the Company's portfolio of brands as it exits underperforming, low growth brands and businesses. Since Fiscal 2014, the Company exited 30 brands which generated approximately $80 million in revenues. Most recently the Company announced the divestiture of its C&C California brand.
• Driving international and licensing growth through direct investment in North America and Europe as well as strategic partnerships with licensees and other partners. During fiscal 2015, the Company signed 27 new licenses that extended eight of the Company's brands across geographies and product categories. The Company realized 15% revenue growth internationally, while also enhancing the licensing division's earnings power.
• Expanding the Direct-to-Consumer channel. During fiscal 2015, the Company focused on enhancing profitability in its Direct-to-Consumer platform in order to accelerate future growth. The Company streamlined its internal team and reporting processes to simplify the business and improve operating performance. This initiative will continue to be a focal point for the Company in fiscal 2016.
• Continuing to optimize its competitive positioning in the menswear arena through the wholesale, retail and licensing of its core brands. In fiscal 2015, the global reach of the Perry Ellis and Original Penguin brands expanded both through direct and licensed activities, which the Company expects to continue in fiscal 2016.
• Driving efficiencies and generating cost savings through process enhancements, inventory management and sourcing improvements. During fiscal 2015, the Company executed $12 million in cost reductions that reduced both the cost of goods and SG&A during the year. A portion of these savings was reinvested into the Company's international platform to drive further growth. The Company will continue executing this review, as well as its supply chain focus in fiscal 2016.

Perry Ellis sees FY2015 EPS of $1.25-$1.35, versus the consensus of $1.24. Perry Ellis sees FY2015 revenue of $925-935 million, versus the consensus of $932.4 million.

For earnings history and earnings-related data on Perry Ellis (PERY) click here.

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