MIAMI (AP) — Perry Ellis International Inc. said Thursday it posted a $2.4 million second-quarter loss. Earnings were pulled down by costs related to its restructuring and early retirement initiatives.
For the quarter ended July 28, the Miami-based company's loss amounted to 17 cents per share and compared with a profit of $1.8 million, or 11 cents per share, in the same quarter last year.
Excluding one-time charges for costs related to discontinued brands and a closed facility, along with a voluntary early retirement program, the company posted an adjusted profit of 1 cent per share.
Revenue fell 2.3 percent to $209.4 million.
Analysts, on average, expected adjusted profit of 2 cents per share on $204.1 million in revenue, according to a FactSet poll.
Perry Ellis said golf, direct-to-consumer, and women's contemporary merchandise continued to do well during the quarter, while its Perry Ellis and Rafaella collection businesses were less profitable.
Perry Ellis cut its full-year profit outlook to a range of $1.75 to $1.80 per share from its March prediction of $1.95 to $2 per share, citing costs related to a transition to new distribution channels and continued promotional activities into the fall season.
The company backed its previous full-year sales prediction of $990 million to $1 billion.
Analysts expect a profit of $2 per share on $975.6 million in revenue.
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