Perry Ellis International, Inc. reported net income of $8.4 million, or $0.64 per diluted share, in the fourth fiscal quarter ending 1/31/2010. The company reported a loss of $21.6 million, or $1.58 per diluted share, in the same fiscal quarter of last year.
Perry Ellis International, Inc. also gave earnings guidance for fiscal 2011 of $1.25-1.40 per diluted share, and indicated that revenues would range from $770 – $790 million for the year.
The company attributed the strong year over year improvement in business to a rebound in department store sales of the Perry Ellis Collection, new shipments of golf related products and higher internet sales of products direct to consumers.
“We feel that we are past the worst and most severe global economic recession the country and the industry have ever seen, and we are very proud of our fiscal 2010 and fourth quarter earnings. Our performance was driven by the strength of our brands, the continued implementation and execution of all of our growth strategies, and because of the dedication and hard work of all of our associates around the world,” said George Feldenkreis, the CEO of Perry Ellis International, Inc.
Perry Ellis International, Inc. also improved its balance sheet in fiscal 2010, and generated enough free cash flow to pay down its credit facility and $21 million of its senior notes. The company ended the fiscal year with a net debt to total capitalization of 34%, down from 47% last year.
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