Perry Ellis (PERY) Reports In-Line Q4 EPS, Slight Beat on Revenues; Offers FY19 EPS/Revenue Outlook Below Consensus

Perry Ellis (NASDAQ: PERY) reported Q4 EPS of $0.88, in-line with the analyst estimate of $0.88. Revenue for the quarter came in at $227.3 million versus the consensus estimate of $227.2 million.

For the Fourth Quarter:

• Total revenues rose 11.3% to $227 million from $204 million in the 2017 fourth quarter
• Gross margin expanded 50 basis points to 38.9%
• GAAP pre-tax income almost doubled to $12.8 million from $6.7 million in fiscal 2017 and adjusted pre-tax income rose 37% to $15.8 million from $11.5 million in the fourth quarter of fiscal 2017

Fiscal 2019 Guidance

The Company is providing revenue and earnings guidance for fiscal 2019. For comparability, the Company has recast its fiscal 2018 sales and earnings to remove the sales, income/losses related to the transition of the Laundry dress business to a license model and the elimination of Bon-Ton sales due to its bankruptcy and liquidation.

For fiscal 2019, the Company currently expects total revenue to be in the range of $855 million to $865 million from core sales of $843.6 million in fiscal 2018. Excluding any potential expenses (which could be significant) to be incurred by the Company in connection with the Board of Director’s exploration and evaluation of potential strategic alternatives and the related February 9, 2018 proposal to acquire the Company, diluted earnings per share are currently expected in the range of $1.80 to $1.90 assuming a tax rate of 25%, which compares to core adjusted diluted earnings per share of $1.70 in fiscal 2018.

GUIDANCE:

Perry Ellis sees FY2019 EPS of $1.80-$1.90, versus the consensus of $2.29. Perry Ellis sees FY2019 revenue of $855-865 million, versus the consensus of $896.95 million.

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

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