Perry Ellis Q3 Earnings Top Views

Shares of

gained around 4 percent in pre-market trading after the company reported better-than-expected earnings for the third quarter. The Miami, Florida-based company reported a quarterly profit of $2.3 million, or $0.15 per share, versus a year-ago loss of $437 million, or $0.03 per share. Its adjusted earnings came in at $0.16 per share. Its revenue declined 2.8 percent to $205.4 million. However, analysts were estimating a profit of $0.04 per share on revenue of $210.8 million. The average estimate among 5 Estimize users was for earnings of $0.06 per share and revenue of $211.56 million. The company's gross margin widened to 35.7 percent from 33.3 percent. Adjusted earnings before interest, taxes, depreciation and amortization rose to $8.8 million from $7.2 million. Oscar Feldenkreis, President and Chief Operating Officer of Perry Ellis International said, "We will continue to execute on our successful business strategy. We are excited to move into the holiday and spring seasons with a strong order book, solid product selling and improved profitability. We believe that our combination of market leading brands, great product and world class execution provide an on-going opportunity to enhance our leadership position and drive superior value to our shareholders, customers and partners." The company lifted its 2016 adjusted earnings forecast to $1.81 to $1.88 per share, versus its prior forecast of $1.78 to $1.85 per share. However, it lowered its revenue outlook to $910 million to $920 million, versus previous outlook of $925 million to $935 million. Perry Ellis shares rose 3.99 percent to $18.50 in pre-market trading.