Perry Ellis 1Q profit tops Wall Street predictions

MIAMI (AP) -- Perry Ellis' fiscal first-quarter net income climbed 17 percent thanks in part to the sale of some assets.

The company still topped Wall Street profit predictions even with those asset sales removed, but revenue fell just shy.

CEO Oscar Feldenkreis said it was a strong start to the year in a rough climate. Retailers have struggled to get people into their stores because of foul spring weather, higher Social Security taxes and uncertainty about jobs.

"Our results were delivered even as we faced challenges created by unseasonal weather and economic budgetary measures that impacted consumer spending," Feldenkreis said.

The Miami clothing company earned $11.3 million, or 74 cents per share, for the three months ended May 4. That's up from $9.7 million, or 64 cents per share in the prior-year period.

The current quarter included a 22 cent per-share gain on the sale of long-lived assets, which can include things like property or equipment. There was no such gain a year earlier.

Removing the gain and other items, earnings were 62 cents per share, which exceeded the 59 cents analysts had predicted.

Revenue dipped 1 percent to $262.3 million from $265.5 million on expected price reductions for some men's private label pants and weakness in the direct-to-consumer segment.

Wall Street predicted revenue of $265.8 million.

Perry Ellis International Inc. foresees fiscal 2014 adjusted earnings of $1.50 to $1.60 per share and revenue growth between 3 percent and 5 percent. Based on fiscal 2013 results, the guidance implies fiscal 2014 revenue in a range of $998.6 million to $1.02 billion.

Analysts expect full-year earnings of $1.54 per share on revenue of $1.01 billion.