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Perry Ellis Swings To Net Loss

|Includes:Perry Ellis International Inc. (PERY)

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Perry Ellis International Inc. (NASDAQ:PERY) announced its fourth quarter and full year financial results for fiscal year 2013, reporting a quarterly net loss due to write downs. The clothing maker recorded a net loss of $28.2M and $1.91 per share, a substantial swing from the year-ago $4.4M and $0.28 per share profit. The company had a significant number of write-downs that impacted its earnings by $1.94, which included write-downs of trade names, store leaseholds, and goodwill associated to a recent review of non-core brands and businesses. Excluding the impact of these charges, earnings would have been $0.06 per share, down from $0.50 a year ago. Gross margin grew from 32.6% to 34.3% while revenue fell 16% to $216.1M. Perry Ellis lowered its annual guidance, citing poor weather and lower store traffic, projecting revenue between $910M and $920M with earnings between $0.75 and $0.90 per share.

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Stocks: PERY