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UPDATE 1-Perry Ellis Q1 profit beats, ups 2011 view
May 20, 2010 / 12:20 PM / 8 years ago

UPDATE 1-Perry Ellis Q1 profit beats, ups 2011 view

* Q1 EPS $0.81 vs est $0.60

* Q1 revenue up slightly, below Street View

* Raises FY11 EPS view to $1.45-$1.60

* Sees FY11 rev $775 mln-$795 mln

May 20 (Reuters) - Perry Ellis International Inc’s (PERY.O) first-quarter profit beat market expectations, helped by robust margin growth and a strong men’s apparel and accessories business, prompting the clothing maker to raise its 2011 forecast.

The company, which sells its brands in department stores such as Macy’s Inc (M.N) and Kohl’s Corp (KSS.N), expects 2011 earnings of between $1.45 and $1.60 a share, compared with its prior range of $1.25 a share to $1.40 a share.

For the first quarter, Perry Ellis, whose brands include Laundry by Shelli Segal, Cubavera and Jantzen among others, posted net income of $11.2 million, or 81 cents a share, up from $5.8 million, or 46 cents a share, a year earlier.

Gross margin rose to 36 percent from 32 percent in the year-ago quarter. Revenue at the Miami-based company rose slightly to $220.3 million, from $220.0 million in the year-ago quarter. Revenue at the company’s men’s apparel and accessories businesses was up 17 percent during the quarter.

Analysts were looking for earnings of 60 cents a share, on revenue of $230.2 million, according to Thomson Reuters I/B/E/S. [ID:nASA00E09] Shares of the company closed at $22.48 Wednesday on Nasdaq. (Reporting by Shradhha Sharma in Bangalore; Editing by Aradhana Aravindan)

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