Perry Ellis International, Inc. (NASDAQ:PERY) was trading in the green Tuesday despite predicting worse-than-expected second quarter earnings earlier in the day.
The design, license and marketer of apparel products for men and women expects operating loss in the second quarter to range between $1.6 to $1.9 million, or 15 cents to 17 cents a share, compared with a loss of $1.9 million, or 42 cents a share, in the same quarter last year.
The preliminary earnings estimate would miss the Street’s view of a loss of 20 cents.
Revenue for the Miami, Florida-based company is expected to be $162 million, up 2% from $159 million a year ago, which would be down from analyst estimates of $167.09 million.
Sales were boosted by a 9% growth rate in the second quarter, driven by strong performance in its wholesale business and retail stores.
“Allocating resources and focusing on our branded growth platforms especially Perry Ellis Collection, Golf, Hispanic, and Swim will better position our company to continue on its path of growth and further solidify its position as an industry leader in the men’s apparel arena,” said Perry Ellis chief operating officer Oscar Feldenkreis.
The company raised its full year earnings guidance to the range of $1.53 to $1.68, compared with its previous view of $1.45 to $1.60.
Actual financial results will be reported next Wednesday before the opening bell.