Perry Ellis International updated its revenue and earnings forecast for third quarter ended November 2, 2013 ("third quarter of fiscal 2014") and full year fiscal 2014.
The Company anticipates revenue to be approximately $222 million compared to $236.2 million for the third quarter of fiscal 2013. The Company had previously anticipated revenue growth to be in a range of even to a decline of 2% over the third quarter of the prior year.
The revenues for the third quarter of fiscal 2014 were impacted by reduced shipments primarily due to the reduction of private label business for the mid-tier channel, as well as reduced sales through its direct retail channel. Positively, the Company continued to see strong performance in its golf lifestyle apparel and Nike swim business which performed in line with the Company's plan.
As a result of the reduced revenue, the Company anticipates an adjusted loss per share for the quarter to result in a range of $0.15 to $0.17 as compared to adjusted earnings per share of $0.25 in the same period of prior year.
For the full fiscal year, the Company anticipates revenues to be in a range of $960 to $970 million as compared to the previous guidance of $985 to $995 million.
The reduction reflects the impact of third quarter of fiscal 2014 along with the private label reduction for the mid-tier channel as well as direct retail sales for the remainder of the year. As a result, the Company anticipates adjusted earnings per share for fiscal 2014 in a range of $0.95 to $1.01 as compared to the previous guidance of $1.50 to $1.60.
The Company ended the third quarter of fiscal 2014 with approximately $166 million in inventory compared to $179 million at the end of the second quarter and $157 million in the third quarter of fiscal 2013.
