MIAMI (AP) - Perry Ellis International Inc. said Thursday that it lost $21.6 million in the fiscal fourth-quarter as it lowered the value of some trademarks and leasehold improvements and struggled with the promotional holiday season amid a consumer spending pullback.
The apparel maker, whose brands include Laundry, Shelli Segal and its namesake, also suspended its fiscal 2010 outlook given current economic conditions. In January, Perry Ellis said it expected its full-year profit to exceed Wall Street’s estimate at the time, which was $1.05 per share. Analysts have since revised their forecast to 92 cents per share.
The company’s stock shed 91 cents, or 19.7 percent, to $3.72 in morning trading. Over the past year, the shares have traded between $3.40 and $29.27, and are off 27 percent since January.
For the period ended Jan. 31, Perry Ellis posted a loss of $1.58 per share. A year earlier the retailer earned $9.9 million, or 65 cents per share.
Excluding a trademark and leasehold improvement charge of $1.17 per share and other items, the company’s loss was $4.6 million, or 34 cents per share.
Analysts forecast a loss of a penny per share, according to a Thomson Reuters poll. Analysts’ estimates typically exclude one-time items.
Sales slid to $191.2 million, off 10 percent from $212.3 million to miss Wall Street’s estimate of $204.4 million.
Despite the lackluster results, President and Chief Operating Officer Oscar Feldenkreis remained upbeat on retail conditions.
“Even in today’s environment, the consumer is still buying newness, strong brands, and affordable, high-quality product,” he said in a statement.
Perry Ellis reported a full-year loss of $12.9 million, or 89 cents per share. That compares with profit of $28.2 million, or $1.80 per share, in the prior year.
Adjusted profit was $9.6 million, or 65 cents per share.
Yearly revenue edged down 2 percent to $851.3 million from $863.9 million.
While Perry Ellis would not provide a fiscal 2010 forecast, the retailer did say that it expects a high single to low double-digit sales drop-off in the second half of the year.