Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Perry Ellis International Inc. (NASDAQ:PERY)

March 05, 2013 11:20 am ET

Executives

Anita D. Britt - Chief Financial Officer and Principal Accounting Officer

Oscar Feldenkreis - Vice Chairman, President and Chief Operating Officer

Analysts

David Weiner - Deutsche Bank AG, Research Division

David Weiner - Deutsche Bank AG, Research Division

Are we good? All right. Great. Thank you. Good afternoon -- or good morning to everyone, and thank you for coming to our conference and the Perry Ellis presentation. For those of you whom I don't know, I'm Dave Weiner. I cover the luxury and apparel names for Deutsche Bank, based out of New York. And I'm very happy to have, from sunny Miami, the -- part of the management team of Perry Ellis. To my left, Anita Britt, Chief Financial Officer; and to her left, Oscar Feldenkreis, the COO and President of the company. So Welcome to you both for -- thank you for being here.

Anita D. Britt

Thanks for having us.

Oscar Feldenkreis

Thank you for having us.

David Weiner - Deutsche Bank AG, Research Division

So there's a lot to talk about, I think, in apparel land, but I thought we'd start off maybe with some big-picture thoughts, because investors are always interested in that. So maybe just -- you always have an interesting view on kind of the retail environment as your business spans a lot of different venues and accounts. So maybe just a quick couple of minutes on what you're seeing in the retail environment here in the U.S., and if you want to maybe segment a little bit this year versus kind of what you're thinking in the next year, 1.5 years, a little bit of a time difference, that would be helpful as well.

Oscar Feldenkreis

Well, in general, I think that retailers had a pretty decent year last year. Most of the announcements that we have heard for the fiscal last year and Q4, I think a lot of them were very happy and upbeat last year. On a macro level, everybody is a little bit cautious about the additional tax and how they see the balance of the economy, but many of them are still very -- running at a very optimistic conservative environment. And none of them are planning their businesses down, whatsoever. And in general, we span between every channel of distribution, so we sell everybody from a Walmart to a Neiman Marcus, from high to low.

So in general, I would say that everybody is still very optimistic based upon last year. February unfortunately, has been a little bit cold, and we've been hit with a lot of storms that ogre many parts of the country. And I think that, that will impact a little bit February, but February usually is a slow month in general. It's really not the indicator. I think that you'll see as long as the weather will go into the months of March and April and May and the summer months much more warmer, which last year was a reverse, hopefully, we'll see a very strong spring season. Retailers have not changed their plans. As a matter of fact, many of them are planned conservatively up.

Menswear, which is almost 85% of our business, has continued to be the best stellar performer across all retailers and all channels of distribution. And we still feel that there's a tremendous amount of opportunity, especially with the new introduction of the Very Perry campaign, marketing campaign and product as we've attracted more a younger consumer with our slim fit approach and product and modernizing it and making it feel much more younger. Our golf business has been very strong as well, as we look to the future, and updating our Rafaella ladies' sportswear line, making it much more contemporary in feeling.

So on a macro level, we still have -- I feel that retailers are in a very healthy position, as well as on the inventory side. January was very positive as they marked down a lot of their inventories and started their spring season out in February very clean.

Question-and-Answer Session

David Weiner - Deutsche Bank AG, Research Division

Yes. So I was actually going to ask about inventories. I think the industry has been pretty clean for like the last, I believe, last year or so or 9 -- 8, 9 months, and so you don't see that kind of abating at all.

Oscar Feldenkreis

We're in good shape. Seasonally, we're in good shape in 2013.

David Weiner - Deutsche Bank AG, Research Division

Okay. And then maybe a question about your longer-term plan, while we're talking about longer term. I think in the past, you've said that you kind of geared the business towards a 10% to 15% earnings growth rate over time, with maybe 7% to 10% of that from sales. I think that was kind of what you've said in the past. Is that still how you think about the business moving forward considering, I think, since you maybe originally gave that, a lot of your business has changed? You've gotten some new brands and shedded some as well.

Anita D. Britt

Yes. Our -- I mean, our longer-term benchmark have been organic growth in that high single digit to just reaching sort of the 10%, and we haven't veered off that. And that is that is the goal on -- have been for the longer-term basis. We're not going to hit that every year honestly. And as we look at layering on strategic acquisitions, that would be additive to that. What we've been trying to do is work off that base and then expand gross margins with growing the higher-margin pieces of our business. So to the extent that Golf Lifestyle apparel grows more aggressively, that enhances our gross margin. As we look at pieces like direct to consumer, that's additive to our gross margin. And honestly, our goal as we look at this year is, as we see improved performance in our Perry and our Rafaella sportswear collection business, we're expecting lower levels of markdowns. So we're expecting gross margin again to expand. So looking off of that base, we think that there is room on the gross margin side leveraging SG&A. Our overall goal on the longer-term basis is to drive our EBITDA margins to 10% plus, and that's where we're still striving towards. And as we gave guidance for fiscal '14, out of the box, we've wanted to be conservative. There's a lot of unknowns, as Oscar talked about, so security tax, the sequester. Who knows what's going on in Washington? So I think it gives the consumers some pause and some cautiousness, so we felt that out of the box at 3% to 5% on the top line was a good, very achievable goal, no matter what was going on outside the macro environment. And I think that a lot of other folks in the industry, as you see them initiating guidance at least for fiscal '14, are following suit. They want things that they feel they that can achieve at the very certain goal, no matter what's going on from a macro perspective.

David Weiner - Deutsche Bank AG, Research Division

Makes sense. You mentioned gross margin for this coming year, which you just guided to, I think, up 100 bps, 100 basis points. You talked about some of the drivers. Is sourcing kind of playing in at all? Or is that more of a neutral theme this year? I know that cotton has been ticking up a little bit sequentially, but still down year-over-year. So is that even really on the radar right now?

Anita D. Britt

Yes, I mean, we're really planning the sourcing part of the product cost fairly even, so we're not planning for that to be a driver. If there is -- if there are a couple of bps, that'll be upside to our guidance. The real driver to our 100% -- 100-point-bp increase for fiscal '14 is really threefold. It's the performance of Perry and Rafaella that I talked about, so lower levels of markdowns for it, so higher gross margins there. Golf, being a higher growth vehicle for us in fiscal '14, so higher margins there. And then on the direct-to-consumer side, that's growing faster than our overall corporate average, so that's driving up there. Those are really the drivers.

David Weiner - Deutsche Bank AG, Research Division

Makes sense. Last question on the plan for next year. On the SG&A side, you've had some kind of dedicated or explicit cost-savings initiatives that you've been running. Kind of where are we with that? And will those continue, was that part of the plan for next year?

Anita D. Britt

I mean, we run fairly prudently as a company, and we're always in that 26% -- that 27% SG&A to total revenue, and that's a good, maintained platform for us. As we looked at some of the cost savings that we identified and were able to put into place in fiscal '13, we feel that it's driving about 2 percentage points of SG&A savings in fiscal '14. And what that's allowing us to do is we're taking some of those savings and we're redeploying them into areas like advertising, marketing, e-commerce. They're faster-growing pieces of our business that we feel that we need to invest to continue to enhance the platform and grow the top line. So savings but reinvestments in other areas in terms of infrastructure.

David Weiner - Deutsche Bank AG, Research Division

Looking back at this past year, I think it was really a year of repositioning. I don't know if transitioned but certainly repositioning. You've shedded some brands. You did some work on your core Perry Ellis brand and as well as integrating Rafaella further, a lot of hiring. Kind of where are we in terms of those brand-related initiatives that transition more to like a permanent place? Are those -- was that really a 2012 thing and now we're starting fresh in 2013? Or is there still more, for example, hiring that you need to do?

Oscar Feldenkreis

We're always looking for strong talent, so we will find good talent regardless of what we're doing. We're always looking for talent because I feel that we definitely have a shortage of good talent in our industry, unfortunately. In terms of our specific Rafaella and Perry Ellis and other businesses, we have finalized most of the conversions and adjustments to Rafaella and Perry Ellis, specifically, and we're very, very happy with the team that we have put in place. Early reads on spring assortments, both from Perry and Rafaella, are performing well, so we're very encouraged. As a matter of fact, we had a pretty decent month for February on Rafaella specifically, substantially ahead of plan. And we feel that, that momentum can continue to grow as the ladies business has a lot of opportunities. There's been a lot of weak performers over the years, and it's really very product based. If you have the right product, you can gain a lot of market share very, very quickly. And on the Perry side, the team that we have in place, we're very excited with. And they've done an exceptional job on executing to the strategy that we put in place a year ago. And the retailers are very happy. We've also opened up new doors. We will be launching Perry America in about 300 doors on third quarter of this year, which is new, which is the biggest introduction of Perry Americas since there was a license to Levi's back in the '90s or '80s. So we're excited about that expansion. It's the first time that Perry will be able to talk to a consumer from weekend to daywear -- weekday wear. So that's a boost to the brand and hopefully, expand it on to the international side as well.

David Weiner - Deutsche Bank AG, Research Division

And -- so sorry for that. The Perry America rollout, to what -- have you talked about to what retailers there?

Oscar Feldenkreis

We're going to be launching it with of The Bay, Lord & Taylor, talking with Dillard's and Bon-Ton, as well to expand it into those doors as we start evolving the brand. It's a higher priced -- it's compatible, not higher priced, but it's compatible to the Perry collection, wherein the past, it was really like a stepchild to the Perry Ellis collections of brand. But this time, we've made it compatible, so they can sit side by side. One is more casual, where the other one is really more dressy. Certainly, what Perry Ellis has always stood for.

David Weiner - Deutsche Bank AG, Research Division

Right. So there's a kind of an underlying theme that you're kind of elevating the brand, I guess, right?

Oscar Feldenkreis

Yes.

David Weiner - Deutsche Bank AG, Research Division

On -- sticking with Perry Ellis, I think on the last call, you had mentioned being able to clear less of the product through the off-price channel. I think it was Perry Ellis that you were referring to. Can you -- people are always interested in off price given the strength the channel has had for the last 2, 3 years. Any comments there on -- I mean, is that really just kind of a brand-specific thing that you've been able to rationalize your inventories you don't need to clear it too much there? Or what -- how's your relationship changed there?

Oscar Feldenkreis

Well, our relationship with the off pricers are very strong, as I would say. As a group, they're probably the -- in the excitement of retail growth in the last 3 years. But what we have been able to do is better -- have less liabilities of inventory, which unfortunately, when you sell, liquidate inventory to an off-priced channel, that's really not of the best of the best. The value is very, very, very low and which, unfortunately, causes a strain on your margins. So we have been able to reduce our inventories and as well as ensure that the inventory that we want to sell within that channel of distribution has a much more higher value. And we've done that, and we have succeeded in doing so with the evolution of the new Perry Ellis product, which is much stronger than what we've had in the past so...

David Weiner - Deutsche Bank AG, Research Division

So is there room to take that allocation down even further or you're...

Oscar Feldenkreis

Well, we always watch how much of a percentage of our total business is distributed because we'd like to make sure that the equity of the brand stays as high as possible versus diluting the brand because in that channel, of course, you can always sell as much as you want. But unfortunately, you don't want to do that because it just hurts the brand long term, and also, your licensees begin to then have issues as well.

David Weiner - Deutsche Bank AG, Research Division

Right. So we're doing a fireside chat format here, but I have lots of more questions. But I think maybe to just break in, if anyone has a couple of questions, we can kind of take those. Anyone has any? Paul [ph]?

Unknown Analyst

JCPenney and Kohl's have been struggling to drive traffic of late. Can you just talk about the trends of your brands in those stores and what do you think about those distribution channels over the next few years?

Oscar Feldenkreis

Our business in -- with those 2 specific retailers are very strong. I think that in JCPenney specifically, it's about a 2.5% of the total business is JCPenney. So in the past, it used to be, I don't know, 15%. I'm talking about 6, 7 years ago, when you'd see a lot of private label business predominant. Today, it's a branded business involved in Hispanic lifestyle. And our business with them is good. We actually are growing our business this year with them. Growth is not that big, of course, because they have actually been much more conservative in order to not have the amount of liquidations that they've had in the past. You've heard Ron Johnson say he's going to start promoting much more aggressively in the month of December. When he did promote, he actually started gaining some form of foot traffic, which the reality of life is American consumers love great deals and great values. So as long as he follows that strategy, I think we'll be in good shape. I think that on the -- as he brings more and more brands into the stores and he redoes his private label, hopefully, we'll be able to see much more traffic. But I think unless he has -- he generates sales, he's going to have difficulty running traffic through his stores. On Kohl's specifically, I think Kevin Mansell is one of the best CEOs, Chairmen out there today, and I think he'll correct -- he knows his issues better than anybody, visits more stores than anybody out there today. And I think that he'll, of course, correct his issues. And our business with them has been very, very strong on the branded side. We are probably 1 of the top 5 vendors for them as a company, both from men's and we also do swimwear with them. So we feel very bullish on Kohl's going forward. Their men's business has been good and has not been an issue of the men's side of the business. It's really more been the total store. And I think that some of the new plans that they have in place going forward should accelerate some momentum in the stores and foot traffic in the stores. So I have full confidence in Kevin and his team at Kohl's currently. Today, I don't -- I think it's just a hiccup.

David Weiner - Deutsche Bank AG, Research Division

Any other questions? So I wanted to talk about golf and DTC in a minute, but maybe one more question on the Rafaella. I guess, if you could -- when you brought in the brand, I think, early last year and you integrated it, I think there were some issues with the style and some of the people who were running it. I guess, can you just bring us up to date of -- as we look into product for the spring and then, I guess, into the fall, kind of what is it stylistically in the product that's different and why you're seeing kind of -- I think, so far you're seeing -- you seem pretty excited about the reception you're getting.

Oscar Feldenkreis

When we acquired Rafaella, we bought Rafaella with the strategy that eventually it will be a base for us to be able to launch additional ladies' sportswear brands. We did buy Laundry from Claiborne and C&C, which were small in comparison to what Rafaella -- Rafaella also had a very strong sourcing base, having an office in Hong Kong and a ladies' organization that in order for us to be able to do that on our own, it would take a while to be able to do that. So we felt that, that would be -- that was a positive side of the acquisition. Unfortunately, when you acquire businesses, you try to use what you learned from the past and best practices, and needless to say, I didn't know that a woman can wear skirts and pants and shorts and capris and so many other options versus men's, where we either wear pants or shorts and that's it. So when we got into the acquisition and we started the spring season, which was very, very strong, we went into the fall season and I saw pants business begin to climb, and in the spring season, they went down and this and this and that, et cetera. We did not offer compelling product in style, and so in the bottom side, most of our bottoms were boot cut, which we -- there was a trend to, what do you call this, straight legs and skinny legs, et cetera. So we -- they just missed completely the entire trend in product. They missed trends in color, which their woven top business was very, very rough. So we missed so much of it that basically we went in and I don't know, got rid of almost 95% of the entire staff that came with the acquisition, hired a new President, which had a lot of sportswear experience, hired a whole new sourcing organization, design organization, et cetera, et cetera, et cetera. We put a whole team in place. And today, we're very, very happy with what we have, and we are -- our product is much more modern, contemporary. We have seen that, today, a woman consumer, regardless of age, wants to dress younger and feeling -- and the average age in the studies in the focus groups that we did on Rafaella, the average age was, I don't know, 60-plus years of age, which would be very, very difficult for us to grow because, as you know, more and more retailers want to go after the millennium consumer and wants to see exactly -- wants to go after the contemporary consumer. A woman today, regardless of age, wants to dress younger, and we weren't offering that type of product to them. So today, we have that type of product. We changed our marketing, our packaging, and we basically did a 360 on everything that Rafaella had before, and it's whole new business today of product offering. We also will be evolving into the dress business. They had no dress business whatsoever. Now we have a $50 million Laundry dress business. So Laundry will be designing and coming up with a lot of dresses under Rafaella to be able to go much more into the moderate market of -- that belongs with the Rafaella brand within other adjacencies. Rafaella has a big opportunity to go after the active lifestyle. Activewear has been a star performer for many retailers out there, and we feel that there's an opportunity for that consumer that wants to wear a little bit more active product to go after it. So we've added different product categories. They were doing very little replenishment bottoms business and -- well, almost 50% of their business is bottoms. Bottoms represent -- the replenishment bottom represent that, I don't know, 6%. Well, this year, it's almost 30%, which is a great opportunity for us because margin wise, you don't mark down your inventories on replenishments. So there's a lot of upside opportunity on Rafaella, correcting the product and as well as making sure that we change the class assortments and how we do business.

David Weiner - Deutsche Bank AG, Research Division

And I guess the last question there, can you just remind us what doors are you selling? What...

Oscar Feldenkreis

With Rafaella?

David Weiner - Deutsche Bank AG, Research Division

Yes, with Rafaella. What doors...

Oscar Feldenkreis

We sell Belk's, all doors. We sell Stage Stores, all doors.

Anita D. Britt

Bon-Ton.

Oscar Feldenkreis

Bon-Ton, all doors; Peebles; Boscov's.

Anita D. Britt

Lord & Taylor.

Oscar Feldenkreis

Lord & Taylor, basically all the better department stores today.

David Weiner - Deutsche Bank AG, Research Division

Perfect. I guess, next, golf, been a very big success for you and judging by the last couple of conference calls, I think, heavy emphasis for the company. So I guess, first off, can you -- I think in the past you've given some idea of what you think that the golf business can kind of grow to. Can you kind of update us on that? And you had mentioned the mix shift that you're having within a lot of these categories, and DTC and golf being one of them. Have you given an idea of what the margin, gross margin difference is between the golf product and let's say, the company average?

Anita D. Britt

Yes. No. I'll address the gross margin. When you're servicing price points, starting with Callaway, which are premium or bridged down through PGA TOUR better, Grand Slam sort of moderate and then now introducing Ben Hogan, which is Walmart, the overall mix is still north of our overall company average, which has been 33% to 35%. So it's still north of that. At Ben Hogan, impact of maybe 20 or 30 basis points, but it's not material. So it continues to elevate. And as an overall percentage mix of the business, golf has been about 20%. It's been a nice 20% plus grower over the last 3 to 5 years. As far as ultimately where it can get to, I'm going to let Oscar [indiscernible] .

Oscar Feldenkreis

We have a plan to make golf a $500 million plan within 3 to 5 years. We started that initiative last year. We feel that there's a huge continuous opportunity, especially now with Ben Hogan going into almost 2,500 doors at Walmart, and that's really only the beginning. There's a huge opportunity to expand that even further, and early sales at Walmart have been very strong and positive from -- and it's a sportswear collection. It's not just the mid-top or golf shirt. It's bottoms, et cetera. We feel that there's a lot of opportunities with the brand there. And as well as Callaway, not only what we're doing but also what the Callaway company is doing with the introduction of a lot of new hard goods is definitely helping the evolution of the brand, and it's helping us get the brand into other channels of distribution when we have, in the past, been more focused on the retail side. We took over the green grass and big box, sporting-goods retailers like Dick's and Sports Authority, Academy at the end of last year, so now that gives us an entrée to go after that market. PGA TOUR, we're very excited with our relationship. We just signed a -- we've made an announcement that we just signed a group of golfers that will be wearing the PGA TOUR product on course, as well as there's like 12 players, and we feel that's going to continue going forward. So we're excited in general. We're expanding into ladies' golf. Ladies has been a boom. The product has been extremely well received. We're doing that under Callaway, Ben Hogan, as well as PGA TOUR, and we feel that there's a lot of room to grow. And in terms of direct to consumer, that's an opportunity for us to expand in, number one, into our own retail doors in golf, which we have began to study and as well as opening up our own websites, e-comm sites, to be able to sell some of our brands online which, today, we don't do. We go through a third party and through brick-and-mortar retailers, and that business has been very, very successful.

David Weiner - Deutsche Bank AG, Research Division

Yes. Just one more thing on golf, the Ben Hogan Walmart business, that started in the fourth quarter. Is that right?

Oscar Feldenkreis

That's correct.

Anita D. Britt

There's was a little -- yes. There was a couple million on shipment in the third quarter.

Oscar Feldenkreis

Up [ph] 700 stores.

David Weiner - Deutsche Bank AG, Research Division

Okay. I guess, a couple of more follow-ups on the DTC side. Now at, I think, 8% of the company. Have you spoken about what you think as part of the mix or where you envision that over time?

Anita D. Britt

Yes. I mean, it's -- as you said, it's roughly about 8%, and it is growing. We would like it to be looking at a range more in the 10% to 15% over the next few years, as long as you're opening stores in a very disciplined way. So we don't set targets for ourselves that we need to open 18 to 20 stores a year. If we find 18 to 20 stores, we'll certainly open them. But for example, this year on our docket, we have a goal of 7 to 8, and we're probably already 60%, 65% there, so we may open a few more. But it's finding the right centers, whether full price or upscale outlets, you want to be in the right adjacencies, which takes a lot of patience. And in terms of the negotiations and the metrics and finding -- you can find the best geography, but you also have to operationally, find the right scale for the store, which can drive the metrics as well.

David Weiner - Deutsche Bank AG, Research Division

You mentioned the fact that you have a dual strategy, full price and outlet and it's -- North in America, it's, obviously, mostly an outlet business. Is that -- is -- would -- strategically, is there kind of room to really kind of ramp the full-price channel over time? I mean, I would think that would be consistent with kind of elevating the brand theme that you have in the company.

Anita D. Britt

Right. Actually, of our -- we ended the year with 64 domestic retail locations. It was about 1/3 full-price and about 2/3 upscale outlets. Original Penguin has leaned towards more of a full-price strategy, where on the Perry Ellis side, we've positioned upscale outlets that don't compete with our wholesale distribution. And that's been a concerted strategy. There's certainly full price opportunities on Perry, but we've been focusing on maximizing the wholesale distribution of Perry first and then focusing on the outlet growth as well. We have not touched either on international. So internationally, we have 5 of our own stores over primarily in the U.K. that have been successful. And then we have about 40 international licensed locations. So we couldn't collect the licensing check for those. It puts Original Penguin and Perry Ellis out in geographies like Chile, Brazil, Argentina. We invest no capital. The stores are beautiful, and it gets our presence and elevates the brand. So we'll continue sort of that -- and I don't want to say it's a bifurcated milestone. It's a three-pronged model, if you will.

David Weiner - Deutsche Bank AG, Research Division

Is there any different retailer -- different brands and retailers have different ways of operating. Are there any major margin differences between your outlet and full-price concepts? I mean, are they basically equally profitable?

Anita D. Britt

It all depends on the location. So from a gross margin perspective, your full price are going to be anywhere from 15% to 20% higher in margin, just because the pricing of the product, but then the underlying operating expenses, the rents are lower on the outlets versus the full price. And where you really pick up the operating lift is when you're leveraging off of your base because you've got a base of merchant, a base of product, people, support people. So as long as your four wall is mid-teen plus and you leverage off that base, it can be a very profitable platform for us. What we want to stay away from is the low single digit or the losing stores, of course, which we all open and then you want to make less of those and not have to close those.

David Weiner - Deutsche Bank AG, Research Division

Right. I have 2 more questions, but just to open it up, anybody have a question? So on the last question on DTC, I think last quarter you talked about a pretty meaningful increase in AUR, I think 12%, if I got that right on a 5.4% comp. Can you talk about what's driving that? Like why -- how did you get that AUR? Was it pricing? Was it mix? Was it labor [ph]?

Anita D. Britt

Yes, it really comes down to, they like the product. So we do -- in our stores, probably in Perry Ellis, 65%, 70% of the product is made for the outlets. And it doesn't mean that it's dumped product. It's still fashion, but it's specific for the outlets.

Oscar Feldenkreis

More key items, David.

Anita D. Britt

Differentiate from.

David Weiner - Deutsche Bank AG, Research Division

Okay. And then final question that I had, acquisition environment, a lot of talk about M&A just generally more this year than there was last year I feel, and you're an inquisitive company. Any thoughts there on kind of what you're seeing out there?

Oscar Feldenkreis

We're seeing -- the market I think has always -- we look at everything that we feel strategically would be right for us and will blend well with the company, but we're cautious as well. And being that capital is fairly inexpensive today, hopefully, we'll see more deals to be had. But our focus is really more to ensure that we are on the right track with Rafaella and Perry Ellis and making sure that we have exhausted all the opportunities within the company and not create any deviation from our strategy, first and foremost. But of course, if there's a good acquisition, a good opportunity, we'll be there to look at it and be competitive.

David Weiner - Deutsche Bank AG, Research Division

Yes, and your balance sheet, of course, is in really good shape.

Oscar Feldenkreis

Balance sheet is very strong, and cash flow is strong as well.

David Weiner - Deutsche Bank AG, Research Division

15 seconds. That's pretty good. Any last question? Okay. Well, thank you. Thank you very much for coming.

Oscar Feldenkreis

Thank you very much.

David Weiner - Deutsche Bank AG, Research Division

Thank you.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Perry Ellis International's Management Presents at DbAccess Consumer, Retail, Gaming & Lodging Conference (Transcript)
This Transcript
All Transcripts