MIAMI (AP) — Perry Ellis International's fiscal third-quarter net income dropped 51 percent as sales slowed, but its adjusted results topped Wall Street's view.
The apparel, accessories and fragrance company reaffirmed its forecast for fiscal 2013.
Its shares rose more than 8 percent in morning trading.
For the three months ended Oct. 27, the retailer earned $3.2 million, or 21 cents per share. That compares with $6.5 million, or 40 cents per share, a year ago.
Stripping out costs related to exiting underperforming brands and other items, earnings were 25 cents per share.
Analysts polled by FactSet forecast earnings of 23 cents per share for the Miami company.
Revenue declined 5 percent to $236.2 million from $248.4 million, but still beat the $235.8 million Wall Street predicted.
Gross margin — a key performance measure — fell due to increased promotional activity in its Perry Ellis and Rafaella collection businesses and lower margins related to Callaway.
Perry Ellis International Inc. said Thursday that it still foresees fiscal 2013 adjusted earnings between $1.75 and $1.80 per share and revenue in a range of $990 million to $1 billion.
Analysts expect earnings of $1.78 per share on revenue of $987.5 million.
Its shares rose $1.44, or 8.1 percent, to $19.32 in morning trading. Its shares hit a 52-week high of $23.28 in mid-September. They traded as low as $12.22 almost a year ago.
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