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Perry Ellis International Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: December 7, 2011 02:52PM

Perry Ellis International Inc. (PERY) filed Quarterly Report for the period ended 2011-10-29. Perry Ellis International Inc. has a market cap of $240.8 million; its shares were traded at around $14.72 with a P/E ratio of 6.5 and P/S ratio of 0.3.



Highlight of Business Operations:

Net sales. Net sales for the three months ended October 29, 2011 were $242.1 million, an increase of $47.2 million, or 24.2%, from $194.9 million for the three months ended October 30, 2010. Net sales increased due to the addition of the Rafaella business, which accounted for $38.4 million of the increase. Additional increases came from golf, accessories, women’s dresses under Laundry by Shelli Segal and in our direct-to-consumer business.

Gross profit. Gross profit was $82.5 million for the three months ended October 29, 2011, an increase of $10.9 million, or 15.2%, from $71.6 million for the three months ended October 30, 2010. Gross profit was $251.7 million for the nine months ended October 29, 2011, an increase of $43.2 million, or 20.7%, as compared to $208.5 million for the nine months ended October 30, 2010.

EBITDA margin during the three months ended October 29, 2011, decreased by 190 basis points to 6.5%, from 8.4%, as compared to the same period last year. EBITDA margin declined due to the factors described above concerning gross profit margin. For the nine months ended October 29, 2011, we improved EBITDA margin by 10 basis points, which increased to 7.8%, as compared to 7.7% for the same period last year. We improved our EBITDA margin because of our ability to leverage selling, general and administrative expenses. For the three and nine months ended October 29, 2011, the new Rafaella business contributed approximately $4.5 million and $13.9 million, respectively, to EBITDA.

Selling, general and administrative expenses for the nine months ended October 29, 2011, was $193.1 million, an increase of $29.5 million, or 18.0%, from $163.6 million for the nine months ended October 30, 2010. The increase was attributable to the new Rafaella business, which accounted for approximately $12.9 million of the increase. Other increases were attributable to distribution costs, due to our increase in sales and increases in advertising and marketing expenditures.

The cash provided by operating activities for the nine months ended October 30, 2010 is primarily attributable to a decrease in accounts receivable of $21.9 million and a decrease in other current assets and prepaid income taxes of $6.9 million; offset by an increase of $16.1 million in inventory, the reduction of account payable, accrued expenses and other liabilities in the amount of $10.4 million and the decrease of unearned revenues and other liabilities of $3.8 million.

Read the The complete Report



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