Apparel maker Perry Ellis International Inc. (NASDAQ: PERY) released preliminary fourth-quarter and full-year results today that are weaker than expected. The company expects to post EPS of $0.35-$0.38 for the quarter, well below the consensus estimate of $0.44. Revenues are now expected to come in at $229 million, also below the consensus estimate of $251.5 million.
The company also announced a strategic brand review that could result in impairment charges or write downs in future quarters. The company plans to put more emphasis on brands with potential for growth, saying that its core businesses include men’s and ladies sportswear, golf and Hispanic lifestyle, and swim.
Perry Ellis also plans reduce non-core expenses and to “redeploy part of that capital to marketing and direct-to-consumer infrastructure.” The company suffered in the fourth quarter from promotional pricing that was aimed at drawing customers into its stores.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
