Perry Ellis “cautiously optimistic” about next year
19/11/2009
During the third quarter, earnings totalled $4.1 million compared with $5 million during the same period last year.
The cost reduction initiatives launched at the end of fiscal 2009 and expense controls during the third quarter of 2010 resulted in operating expense reductions of $11.5 million. Gross margins expanded to 34.2% compared with 34.1% for the same period last year.
“We are pleased to report results slightly ahead of plan for the third quarter of fiscal 2010. This is a validation to the strength of our brands, the benefit of our diversified business model, the power of our niche strategy and the decisiveness of our actions,” commented Oscar Feldenkreis, president and COO. “As the global economy begins to emerge from this deep recession, the company is well on its way to reverting to a growth pattern. We see the current holiday season as the beginning of the recovery.”
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