The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MIAMI, United States — Perry Ellis International Inc. on Thursday reported fiscal third-quarter net income of $2.3 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Miami-based company said it had profit of 15 cents. Earnings, adjusted for non-recurring costs, were 16 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The clothing maker posted revenue of $205.4 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $210.6 million.
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Perry Ellis expects full-year earnings in the range of $1.81 to $1.88 per share, with revenue in the range of $910 million to $920 million.
Perry Ellis shares have dropped 31 percent since the beginning of the year. The stock has decreased 24 percent in the last 12 months.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.