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IN BRIEF / APPAREL

Perry Ellis Profit Far Exceeds Expectations

November 13, 2001|Bloomberg News

Perry Ellis International Inc. said its fiscal third-quarter profit rose more than expected following efforts to cut costs and reduce inventory.

The maker of men's designer clothing expects full-year earnings of $1.10 to $1.20 a share after a better-than-expected performance in October, said spokesman Jonathan Mayer. Analysts forecast earnings of $1.07, according to Thomson Financial/First Call.

Third-quarter profit rose to $970 million, or 15 cents a share, in the period ended Oct. 31, from $351 million, or 5 cents, a year earlier, after sales rose more than expected in October. The company was expected to earn 6 cents, the average estimate of a First Call poll.

Revenue fell 5.2% to $66.9 million. Inventories at the Miami-based designer dropped to $34.5 million from $35.3 million last year. Perry Ellis rose 26 cents to $5.76 on Nasdaq.

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