Perry Ellis (PERY) Tops Q1 EPS by 11c, Beats on Revenues

Perry Ellis (NASDAQ: PERY) reported Q1 EPS of $0.78, $0.11 better than the analyst estimate of $0.67. Revenue for the quarter came in at $255 million versus the consensus estimate of $232.3 million.

Key First Quarter Financial Accomplishments:

• Total revenues rose 5.4% to $255 million from $242 million in the first quarter of fiscal 2018. Revenues were fueled by growth in Golf and Nike Swim and a high-single digit increase in the Direct-to-Consumer channel sales.
• GAAP pre-tax income was $13.1 million compared to $14.5 million in the first quarter of fiscal 2018, and adjusted pre-tax income rose 7.6% to $15.6 million from $14.5 million in the first quarter of fiscal 2018.
• Adjusted net income per share, diluted, of $0.78. GAAP net income per share, diluted of $0.66.
• Debt-to-Capitalization stood at 18.9% at the end of the first quarter of fiscal 2019, compared to 24.3% at the end of the first quarter of fiscal 2018.
• A strong balance sheet at quarter end with cash and investments totaling $55.4 million, which provides the Company with liquidity to facilitate the $50 million bond redemption that took place on May 29th, 2018.
• Strong inventory position at $151 million, substantially down from fiscal 2018 year end, but up slightly from the first quarter of fiscal 2018, fueling our spring shipping.

Oscar Feldenkreis, Chief Executive Officer and President, commented, "We are very pleased with our start to fiscal 2019, which continued our momentum from last year. During the quarter, our innovative products and high impact marketing led to stronger than expected shipments, especially in Nike Swim and across our golf brands. We ended the quarter with a strong balance sheet, which enabled us to retire $50 million of outstanding notes. We remain optimistic about our business prospects as we enter the second quarter, and we conservatively plan to hold the full year guidance.”

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

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