Perry Ellis International (NASDAQ:PERY) said Wednesday it narrowed its second-quarter loss, partially due to slightly higher revenues driven by full-price selling and leading the company to raise its full year view.
The apparel company posted a net loss of $2 million, or 15 cents a share, compared with a loss of $5.3 million, or 42 cents a share, in the same quarter last year, and ahead of average analyst estimates of a 19-cent loss, according to a Thomson Reuters poll.
Revenue for the Miami-based company was $161.8 million, up 2% from $159.2 million last year, and short of the Street’s view of $165.24 million.
Perry Ellis Chief operating officer Oscar Feldenkreis said he was “very proud” to report the second quarter results.
“Our ability to continue delivering strong results in this volatile economic environment remains a testament to the strength of our business model, our portfolio of brands, and our dedication to product innovation and delivery,” he said in a statement.
Stronger earnings were attributed to continued operational improvements in several of its businesses and strong inventory discipline, which resulted in higher levels of full-price selling in several businesses across its wholesale channels.
Despite the continued uncertainty in the consumer environment, the company said it remains “vigilant yet confident” that its business platforms will continue to outperform.
Reflecting this view, the company improved its full year guidance, now expecting a range of $1.53 to $1.68, from its previous view of $1.45 to $1.60.