Perry Ellis reports wider loss on West Coast port woes, but beats Wall Street expectations

MarketsAssociated Press

Clothing maker Perry Ellis International (PERY) reported a wider fourth-quarter loss Thursday compared with a year ago as labor disputes at West Coast ports made it hard to deliver products to customers.

The company's results and its full-year earnings outlook still beat Wall Street expectations.

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The Miami company reported a loss of $42.9 million, or $2.90 per share, in its fiscal fourth quarter, compared with a loss of $28.2 million, or $1.91 per share, in the same quarter a year ago.

Earnings, adjusted for pretax expenses and non-recurring costs, were 7 cents per share. The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.

Revenue rose less than 1 percent to $217.7 million, also topping Street forecasts. Three analysts surveyed by Zacks expected $217.6 million.

For the year, the company reported that its loss widened to $37.2 million, or $2.50 per share. Revenue was reported as $890 million.

Perry Ellis expects full-year earnings to be $1.25 to $1.35 per share, with revenue in the range of $925 million to $935 million. Analysts expected earnings of $1.24 per share and revenue of $932.3 million, according to FactSet.

Besides its namesake brand, Perry Ellis also makes clothing and accessories under the Original Penguin, John Henry and Cubavera brands,

Its shares rose 3 cents to $23.68 in morning trading Thursday.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PERY at http://www.zacks.com/ap/PERY

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Keywords: Perry Ellis, Earnings Report