Perry Ellis International Inc reported results for the third quarter ended October 31, 2006 ("third quarter of fiscal 2007"), which included total revenues of $213.2 million, compared to $220.0 million, a 3.1 percent decline from the comparable period a year ago.
The decline in total revenues during the quarter was anticipated as a part of management's fiscal 2007 plan and is primarily attributable to the final impacts of retailer consolidation and elimination of certain private label sportswear programs.
Total revenues for the nine month period ended October 31, 2006 were $598.3 million, compared to $635.5 million, a 5.9 percent decline versus the comparable period last year.
For the third quarter of fiscal 2007, net earnings were $8.2 million compared to $8.1 million for the comparable quarter last year and per share results were equal to last year at $0.80 per fully diluted share.
Third quarter earnings were above last year's levels as improved gross profit margin performance and lower interest costs offset the impact of lower total revenues.
Additionally, the third quarter of fiscal 2007 results include expenses of $0.02 per share for the adoption of Statement of Financial Accounting Standards ("SFAS") 123R requiring the expensing of stock options. These costs are not reflected in prior year results.
Overall third quarter results were ahead of management's previously announced plans, and included a 200 basis point improvement in gross profit margin and a 29 basis point improvement in EBITDA margin.
marketing@alchempro.com
