Fashion brand Perry Ellis (PERY) reported double digit growth in its fourth quarter sales, primarily fueled by high margin core brands and channels which surged 19% year-over-year, along with international sales growth of 33%. Sales jumped 11.3% to $227.3 million. Men’s sportswear and Nike swimming gear showed particular strength in the quarter, which helped in the margin increase.
Earnings more than tripled to $39.6 million or $2.56 per share, driven by a one-time benefit from the recent US tax legislation. Excluding special items, Perry Ellis reported earnings of $0.88 per share, up 33.3% year-over-year.
For fiscal 2019, Perry Ellis is seeing sales in the range of $855 million to $865 million, while diluted earnings per share, assuming a tax rate of 25%, is expected in the range of $1.80 to $1.90. The company said it has remodeled fiscal 2018 sales and earnings to remove the sales, income or losses related to the transition of the Laundry dress business to a license model and the elimination of Bon-Ton sales due to its bankruptcy and liquidation.