Perry Ellis shares tumble on weak guidance
Lower-than-expected outlook for latest quarter and this year drag down Perry Ellis shares
MIAMI (AP) -- Shares of Perry Ellis International Inc. slid Tuesday after the clothing maker's outlook for the fourth quarter and this year came in short of analyst predictions.
The company, which owns brands such as Perry Ellis, Jantzen and Laundry by Shelli Segal, said a shipments delay affected the quarter ended Feb. 2. The $14.5 million in shipments were completed in February, however, and the company said the shift should not affect its spring selling season.
Still, the Miami company's outlook for its current fiscal year was well below Wall Street predictions.
Shares dropped $2.32, or 12 percent, to $17.01 immediately after the opening bell.
For the fiscal fourth quarter, which ended on Feb. 2, Perry Ellis said it expects an adjusted profit of between 48 cents and 50 cents per share on revenue of about $258 million. Analysts predicted profit of 84 cents per share on $280 million in revenue, according to FactSet.
The company will release full fourth-quarter and year results in mid-March.
For this year, Perry Ellis expects earnings, excluding one-time items, of $1.50 to $1.60 per share, and for revenue to grow 3 to 5 percent, to about $999 million to $1.02 billion.
Analysts expect profit of $2.07 per share on $1.05 billion in revenue.
