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Perry Ellis International Reports First Quarter Fiscal Year 2019 Results
First Quarter Revenues Rise 5%
First Quarter Adjusted Diluted EPS of $0.78
First Quarter GAAP Diluted EPS of $0.66
MIAMI, May 31, 2018 (GLOBE NEWSWIRE) Perry Ellis International, Inc. (Nasdaq: PERY) today reported results for the first quarter (first quarter of fiscal 2019) ended May 5, 2018.
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.
Fiscal 2019 First Quarter Results
Total revenue for the first quarter of fiscal 2019 was $255 million, a 5.4% increase (4.5% increase on constant currency) compared to $242 million reported in the first quarter of fiscal 2018. This reflected increases in the Companys core brands and in particular Golf and Nike Swim, along with a double digit increase in comparable store sales in the Direct-to-Consumer channel. The increase in revenue includes a $1.5 million increase due to the adoption of the new revenue recognition standard, which requires advertising reimbursements to be classified as revenue instead of as a reduction of the related advertising costs as was the case in fiscal 2018. This growth was offset by declines in the womens business.
GAAP gross margin was 36.8% in the first quarter of fiscal 2019, compared to 37.6% in the first quarter of fiscal 2018, driven by changes in product mix and the change in the accounting standard for revenue recognition which shifts licensing revenues to the fourth quarter rather than spreading revenues evenly throughout the year. Adjusted gross margin was 36.8% compared with adjusted gross margin of 37.6% in the first quarter of fiscal 2018. (Adjusted gross margin excludes certain items as outlined in Table 2 Reconciliation of Gross Profit to Adjusted Gross Profit and Adjusted Gross Margin.)
The following information was filed by Perry Ellis International, Inc (PERY) on Thursday, May 31, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.