Research Desk Line-up: Vince Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 15, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Perry Ellis International, Inc. (NASDAQ: PERY) ("Perry Ellis"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PERY, following the Company's announcement of its second quarter fiscal 2018 financial results on August 24, 2017. The clothing-maker outperformed top- and bottom-line expectations and reiterated its guidance for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Textile - Apparel Clothing industry. Pro-TD has currently selected Vince Holding Corp. (NYSE: VNCE) for due-diligence and potential coverage as the Company reported on September 07, 2017, its financial results for Q2 FY17 which ended on July 29, 2017. Register for a free membership today, and be among the early birds that get access to our report on Vince when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on PERY; also brushing on VNCE. With the links below you can directly download the report of your stock of interest free of charge at:
For the second quarter ended July 29, 2017, Perry Ellis' total revenue was $207 million, up 2.5%, or 3.0% in constant currency, compared to $202 million reported in Q2 FY17. This was reflected by growth in core brand sales and strong sell through rates throughout the spring season. The Company's revenue exceeded its own guidance of $202 million to $205 million and was also ahead of analysts' expectations of $204 million.
Perry Ellis' GAAP gross margin expanded 40 basis points to 37.0% in Q2 FY18 from 36.6% in Q2 FY17. The Company's adjusted gross margin was also 37.0% compared to adjusted gross margin of 36.6% in the comparable period of the prior year.
Perry Ellis' adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) totaled $8.5 million compared to $7.1 million in Q2 FY17. The Company's adjusted pre-tax income was $3.2 million, increasing 116% from the $1.5 million reported in the year ago same period. Perry Ellis' GAAP pre-tax income was $2.7 million in Q2 FY18 compared to a pre-tax loss of $4.4 million in the comparable period of the prior year.
As reported under GAAP, Perry Ellis' net income was $1.0 million, or $0.06 per diluted share, compared to a GAAP net loss of $3.6 million, or $0.24 per diluted share, in Q2 FY17. On an adjusted basis, the Company's reported quarter net income was $2.5 million, or $0.16 per diluted share, compared to an adjusted net income of $2.3 million, or $0.15 per diluted share, in the year earlier corresponding quarter. Perry Ellis' earnings beat Wall Street's estimates of $0.10 per share.
Balance Sheet and Cash Flows
Perry Ellis' cash and investments totaled $53 million at the end of Q2 FY18. The Company's net debt to total capitalization stood at 8.6% at the end of the reported quarter compared to 17.3% at the end of the year earlier comparable quarter. Perry Ellis' inventory turned at approximately 4 times as of the end of Q2 FY18. The Company's cash flow from operations increased to $40 million in H1 FY18 compared to $36 million in H1 FY17.
Perry Ellis reiterated its guidance for the fiscal year 2018. The Company is forecasting revenues in a range of $870 million to $880 million and diluted earnings per share in the band of $2.07 to $2.17 for FY18.
On Thursday, September 14, 2017, the stock closed the trading session at $22.33, declining 2.70% from its previous closing price of $22.95. A total volume of 78.72 thousand shares have exchanged hands. Perry Ellis' stock price surged 23.99% in the last one month and 17.22% in the past three months. Furthermore, since the start of the year, shares of the Company have rallied 14.04%. The stock is trading at a PE ratio of 19.59 and currently has a market cap of $360.41 million.
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SOURCE: Pro-Trader Daily