Perry Ellis International Reports Fourth Quarter & Full Fiscal 2013 Results

Perry Ellis International Reports Fourth Quarter & Full Fiscal 2013 Results

  *Fiscal 2013 fourth quarter revenues total $258 million, an increase of 13%
    from $229 million last year
  *Fiscal 2013 fourth quarter GAAP diluted EPS was $0.28 compared to $0.12
    last year
  *Fiscal 2013 fourth quarter adjusted diluted EPS of $0.50 compared to $0.38
    last year
  *Fiscal 2013 revenue totaled $970 million compared to $980 million last
    year
  *Fiscal 2013 GAAP diluted EPS of $0.97 compared to $1.60 last year
  *Fiscal 2013 adjusted diluted EPS of $1.45 compared to $1.94 last year

MIAMI, March 21, 2013 (GLOBE NEWSWIRE) -- Perry Ellis International, Inc.
(Nasdaq:PERY) today reported results for the fourth quarter ("fourth quarter
of fiscal 2013") and the fiscal year ended February 2, 2013 ("fiscal 2013").

Oscar Feldenkreis, president and chief operating officer of Perry Ellis
International commented, "We ended fiscal 2013 positively, reporting strong
fourth quarter results and achieving progress on our objectives. Most
rewarding is the improvement generated within our Perry Ellis and Rafaella
sportswear collections. We were also pleased to see continued positive
momentum for our Golf lifestyle apparel across all brands and our Direct to
Consumer business, which delivered positive comparable store sales in the
quarter."

Fourth Quarter 2013 Results

Total revenue for the fourth quarter of fiscal 2013 was $258 million, a 13%
increase compared to $229 million reported in the fourth quarter of fiscal
2012. Revenue growth was driven by many of the Company's businesses, including
Golf lifestyle apparel, the Perry Ellis brand, Laundry by Shelli Segal,
International distribution and Direct to Consumer sales.

Gross margins expanded to 32.6% as compared to 31.4% in the same period of the
prior year, reflecting a lower level of promotions in the collections
businesses as well as higher contributions from the businesses discussed
above.

As reported under GAAP, fourth quarter earnings per diluted share were $0.28
compared to earnings per diluted share of $0.12 in the fourth quarter of
fiscal 2012. On an adjusted basis, fourth quarter earnings per diluted share
were $0.50 as compared to adjusted earnings per diluted share of $0.38 in the
fourth quarter of fiscal 2012. Adjusted earnings per diluted share exclude
certain items as outlined in Table 1 Reconciliation of GAAP diluted earnings
per share to adjusted diluted earnings per share.

Fiscal 2013 Results

Fiscal 2013 revenues were $970 million, as compared to $980 million reported
in the prior year ended January 28, 2012 ("fiscal 2012). The prior year
results include approximately $20 million of revenues associated with
businesses exited during fiscal 2013.Revenues rose in many of the Company's
businesses, including Golf lifestyle apparel, Laundry by Shelli Segal,
International distribution and Direct to Consumer.These increases were
partially offset by planned reductions in the Perry Ellis and Rafaella
sportswear collections.

On a GAAP basis, net income for fiscal 2013 was $14.8 million, or $0.97 per
fully diluted share compared to GAAP net income of $25.5 million or $1.60 per
fully diluted GAAP share in fiscal 2012.

Adjusted earnings per diluted share for fiscal 2013 were $1.45 compared to
adjusted earnings per diluted share of $1.94 in fiscal 2012 and exclude the
costs mentioned above for both fiscal periods. (See reconciliation "Table 1")

Gross margin for fiscal 2013 was 32.7% and was negatively impacted by 30 basis
points due to business exit costs. This compares to gross margin of 33.0% in
fiscal 2012. Gross margin performance in fiscal 2013 also reflects a higher
level of promotional activity in the first half of the year as the Company
repositioned its collections businesses.

Selling, general and administrative ("SG&A") expenses were well controlled
throughout fiscal 2013 and totaled $280 million compared to $268 million in
fiscal 2012. The year over year increase reflects approximately $10 million
in costs associated with strategic initiatives and non-cash asset impairment
costs.In addition, store openings added incremental store expenses, which
were partially offset by expense savings initiatives undertaken by the
Company.

Earnings before interest, taxes, depreciation, amortization and impairments
("adjusted EBITDA") for fiscal 2013 totaled $61.4 million, or 6.3% of total
revenue. This compares to adjusted EBITDA of $75.1 million for fiscal 2012.
(See attached reconciliation "Table 2").

Balance Sheet Update

George Feldenkreis, chairman and chief executive officer of Perry Ellis
International stated, "Our liquidity and leverage profile remains extremely
strong with net debt to capitalization of 24.4% and full availability under
our credit facility.During the year we made a strategic purchase of the Ben
Hogan tradename to enhance our Golf lifestyle portfolio.We also divested
tradenames and businesses that were small revenue and low profit contributors.

"As we look to 2014, our strategic focus is driving the elevation of our Perry
Ellis and Rafaella collection sportswear businesses as well as on optimizing
our Golf lifestyle business.We will continue to invest in these businesses
internally to enhance and grow profitability and market share."

Cash and cash equivalents at year end totaled $55 million. Inventories
declined by 8% to $183 million as compared to $198 million in the comparable
prior year period ended January 28, 2012. The Company also increased inventory
turnover to 3.9 times from 3.3 times in the prior year.

Fiscal 2014 Guidance

Oscar Feldenkreis concluded,  "As we look ahead, we believe it is prudent to
remain conservative regarding our business outlook for fiscal 2014.Our focus
is direct and unyielding and our priority is on our namesake brand, Perry
Ellis.We have augmented our management, creative and merchandising teams for
both Perry Ellis and Rafaella and believe we are well positioned for continued
progress in fiscal 2014.We also remain optimistic about our core business
opportunities and expect to further our growth potential through the expansion
of our distribution channels."

The Company is maintaining the guidance it provided on February 19, 2013 for
the twelve months ending February 1, 2014 ("fiscal 2014").The Company
continues to expect revenue to increase in a range of 3% to 5% and fully
diluted earnings per share on an adjusted basis to be in a range of $1.50 -
$1.60. On a GAAP basis, the Company expects fully diluted earnings per share
to be in a range of $1.60 - $1.70 which includes the sale of the John Henry
trademark in Asia which closed in February 2013.

About Perry Ellis International

Perry Ellis International, Inc. is a leading designer, distributor and
licensor of a broad line of high quality men's and women's apparel,
accessories and fragrances, as well as select children's apparel. The
Company's collection of dress and casual shirts, golf sportswear, sweaters,
dress pants, casual pants and shorts, jeans wear, active wear, dresses and
men's and women's swimwear is available through all major levels of retail
distribution. The Company, through its wholly owned subsidiaries, owns a
portfolio of nationally and internationally recognized brands, including:
Perry Ellis®, Jantzen®, Laundry by Shelli Segal®, C&C California®, Rafaella®,
Cubavera®, Ben Hogan®, Centro®, Solero®, Munsingwear®, Savane®, Original
Penguin® by Munsingwear®, Grand Slam®, Natural Issue®, Pro Player®, the
Havanera Co.®, Axis®, Gotcha®, Girl Star®, MCD®, John Henry®, Mondo di Marco®,
Redsand®, Manhattan®, Axist®, Farah®, Anchor Blue®, Miller's Outpost®, Tahoe
River Outfitters®, Original Khaki Company® and Techworks®. The Company
enhances its roster of brands by licensing trademarks from third parties,
including: Nike® and Jag® for swimwear, and Callaway®, PGA TOUR® and Champions
Tour® for golf apparel. Additional information on the Company is available at
http://www.pery.com.

Safe Harbor Statement

We caution readers that the forward-looking statements (statements which are
not historical facts) in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on current expectations rather than
historical facts and they are indicated by words or phrases such as
"anticipate," "believe," "budget," "contemplate," "continue," "could,"
"estimate," "expect," "guidance," "indicate," "intend," "may," "might,"
"plan," "possibly," "potential," "predict," "probably," "proforma," "project,"
"seek," "should," "target," or "will" and similar words or phrases or
comparable terminology. We have based such forward-looking statements on our
current expectations, assumptions, estimates and projections. While we believe
these expectations, assumptions, estimates and projections are reasonable,
such forward-looking statements are only predictions and involve known and
unknown risks and uncertainties, and other factors that may cause actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements, many of which are beyond our control. These
factors include: general economic conditions, a significant decrease in
business from or loss of any of our major customers or programs, anticipated
and unanticipated trends and conditions in our industry, including the impact
of recent or future retail and wholesale consolidation, recent and future
economic conditions, including turmoil in the financial and credit markets,
the effectiveness of our planned advertising, marketing and promotional
campaigns, our ability to contain costs, disruptions in the supply chain, our
future capital needs and our ability to obtain financing, our ability to
protect our trademarks, our ability to integrate acquired businesses,
trademarks, trade names and licenses, our ability to predict consumer
preferences and changes in fashion trends and consumer acceptance of both new
designs and newly introduced products, the termination or non-renewal of any
material license agreements to which we are a party, changes in the costs of
raw materials, labor and advertising, our ability to carry out growth
strategies including expansion in international and direct to consumer retail
markets, the level of consumer spending for apparel and other merchandise, our
ability to compete, exposure to foreign currency risk and interest rate risk,
possible disruption in commercial activities due to terrorist activity and
armed conflict, and other factors set forth in Perry Ellis International's
filings with the Securities and Exchange Commission. Investors are cautioned
that all forward-looking statements involve risks and uncertainties, including
those risks and uncertainties detailed in Perry Ellis' filings with the SEC.
You are cautioned not to place undue reliance on these forward-looking
statements, which are valid only as of the date they were made. We undertake
no obligation to update or revise any forward-looking statements to reflect
new information or the occurrence of unanticipated events or otherwise.


PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA (UNAUDITED)
(amounts in 000's, except per share information)
                                                               
INCOME STATEMENT DATA:                                          
                              Three Months Ended     Years Ended
                              February 2, January 28, February 2, January 28,
                               2013        2012        2013        2012
                                                               
Revenues                                                        
Net sales                      $251,015  $222,062  $942,451  $955,549
Royalty income                 7,330      7,386      27,102     25,043
Total revenues                 258,345    229,448    969,553    980,592
Cost of sales                  174,004    157,394    652,352    656,850
Gross profit                   84,341     72,054     317,201    323,742
Operating expenses                                              
Selling, general and           67,010     55,517     263,444    248,618
administrative expenses
Depreciation and amortization  3,582      3,691      13,896     13,673
Impairment on long-lived       3,516      6,066      3,516      6,066
assets
Total operating expenses       74,108     65,274     280,856    268,357
Operating income              10,233     6,780      36,345     55,385
Costs on early extinguishment  --        --        --        1,306
of debt
Interest expense               3,825      3,800      14,836     16,103
                                                               
Net income before income taxes 6,408      2,980      21,509     37,976
Income tax provision           2,021      1,197      6,708      12,459
Net income                     4,387      1,783      14,801     25,517
                                                               
Net income, per share                                          
Basic                          $0.30     $0.12     $1.01     $1.71
Diluted                        $0.28     $0.12     $0.97     $1.60
                                                               
Weighted average number of                                      
shares outstanding
Basic                          14,842     14,680     14,715     14,927
Diluted                        15,426     15,408     15,315     15,950



PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA (UNAUDITED)
(amounts in 000's)
                                                            
BALANCE SHEET DATA:                                          
                                            As of
                                            February 2, 2013 January 28, 2012
                                                            
Assets                                                       
Current assets:                                              
Cash and cash equivalents                    $54,957        $24,116
Accounts receivable, net                     174,484         145,563
Inventories                                  183,127         198,264
Other current assets                         30,536          33,733
Total current assets                         443,104         401,676
                                                            
Property and equipment, net                  50,749          56,496
Intangible assets, net                       246,681         242,634
Goodwill                                     13,794          13,794
Other assets                                 8,801           9,595
                                                            
Total assets                                 $763,129       $724,195
                                                            
Liabilities and stockholders' equity                         
Current liabilities:                                         
Accounts payable                             $132,028       $80,253
Accrued expenses and other liabilities       28,595          23,142
Accrued interest payable                     4,061           4,186
Unearned revenues                            4,647           4,179
Total current liabilities                    169,331         111,760
                                                            
                                                            
Long term liabilities:                                       
Senior subordinated notes payable, net       150,000         150,000
Senior credit facility                       --             21,679
Real estate mortgages                        24,202          25,114
Deferred pension obligation                  14,686          17,326
Unearned revenues and other long-term        33,670          31,821
liabilities
Total long-term liabilities                  222,558         245,940
                                                            
Total liabilities                            391,889         357,700
                                                            
Equity                                                       
Total equity                                 371,240         366,495
                                                            
Total liabilities and equity                 $763,129       $724,195



PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES
Table 1
Reconciliation of the three and twelve months ended February 2, 2013 and
January 28, 2012 net income and earnings per share to adjusted net income and
adjusted earnings per share.
(UNAUDITED)
(amounts in 000's, except per share information)
                                                               
                           Three Months Ended       Years Ended
                           February 2,  January 28,  February 2,  January 28,
                            2013         2012         2013         2012
Net income                 $4,387     $1,783     $14,801    $25,517
Plus:                                                           
Impairment on long-lived    3,516       6,066       3,516       6,066
assets
Costs on exited brands      431         --         2,676       --
Costs of streamlining and
consolidation of            944         --         3,341       --
operations, and other
strategic initiatives
Costs of voluntary          --         --         2,420       --
retirement
Costs on early              --         --         --         1,306
extinguishment of debt
Duplicate interest from     --         --         --         745
March 8 to April 6, 2011
Less:                                                           
Gain on asset sales         --         --         (410)       --
Tax benefit                (1,574)     (1,965)     (4,118)     (2,748)
Net income, as adjusted     $7,704     $5,884     $22,226    $30,886
                                                               
                                                               
                                                               
                           Three Months Ended       Years Ended
                           February 2,  January 28,  February 2,  January 28,
                            2013         2012         2013         2012
Net income per share,       $0.28      $0.12      $0.97      $1.60
diluted
Net per share impairment on 0.16        0.26        0.16        0.26
long-lived assets
Net per share costs on      0.02        --         0.11        --
exited brands
Net per share costs of
streamlining and
consolidation of            0.04        --         0.13        --
operations, and other
strategic initiatives
Net per share costs of      --         --         0.10        --
voluntaryretirement
Net per share costs on
early extinguishment of     --         --         --         0.05
debt
Net per share duplicate
interest from March 8 to    --         --         --         0.03
April 6, 2011
Net per share gain on asset --         --         (0.02)      --
sales
Adjusted net income per     $0.50      $0.38      $1.45      $1.94
share, diluted
                                                               
"Adjusted net income per share, diluted" consists of "net income per share,
diluted" adjusted for the impact of impairment on long-lived assets, the costs
on exited brands,costs of streamlining and consolidation of operations, and
other strategic initiatives, costs ofvoluntaryretirement, early
extinguishment of debt, duplicate interest from March 8, 2011 to April 6,
2011, the time during which the retired debt and the new debt were
simultaneously outstanding, and gain on asset sales. These costs and gain are
notindicative of our core operations and thus to get a more comparable result
with the operating performance of the apparel industry, they have been
removed, net of taxes, from the calculation.



PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES
Table 2
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA(1)
(UNAUDITED)
(amounts in 000's)
                                                             
                      Three Months Ended         Years Ended
                      February 2,   January 28,   February 2,   January 28,
                       2013          2012          2013          2012
                                                             
Net income             $4,387      $1,783      $14,801     $25,517
Plus:                                                         
Depreciation and       3,582        3,691        13,896       13,673
amortization
Interest expense       3,825        3,800        14,836       16,103
Costs on early         --          --          --          1,306
extinguishment of debt
Income tax provision   2,021        1,197        6,708        12,459
EBITDA                 13,815       10,471       50,241       69,058
                                                             
Impairment on          3,516        6,066        3,516        6,066
long-lived assets
Costs on exited brands 431          --          2,676        --
Costs of streamlining
and consolidation of   778          --          2,954        --
operations, and other
strategic initiatives
Costs of voluntary     --          --          2,420        --
retirement
Gain on asset sales    --          --          (410)        --
                                                             
EBITDA, as adjusted    $18,540     $16,537     $61,397     $75,124
                                                             
                                                             
Gross profit           $84,341     $72,054     $317,201    $323,742
Less:                                                         
Selling, general and
administrative         (67,010)     (55,517)     (263,444)    (248,618)
expenses
Plus:                                                         
Costs on exited brands 431          --          2,676        --
Costs of streamlining
and consolidation of   778          --          2,954        --
operations, and other
strategic initiatives
Costs of voluntary     --          --          2,420        --
retirement
Gain on asset sales    --          --          (410)        --
                                                             
EBITDA, as adjusted    18,540       16,537       61,397       75,124
                                                             
Total revenues         $258,345    $229,448    $969,553    $980,592
                                                             
EBITDA margin          7.2%          7.2%          6.3%          7.7%
percentage of revenues
                                                             
(1) Adjusted EBITDA consists of earnings before interest, taxes, depreciation,
amortization, impairment on long-lived assets, costs on early extinguishment
of debt, costs on exited brands, costs of streamlining and consolidation of
operations, and other strategic initiatives, as well as, costs associated
withvoluntary retirements and the gain on sale of assets. Adjusted EBITDA is
not a measurement of financial performance under accounting principles
generally accepted in the United States of America, and does not represent
cash flow from operations. Adjusted EBITDA is presented solely as a
supplemental disclosure because management believes that it is a common
measure of operating performance in the apparel industry. In addition, we
present Adjusted EBITDA because we believe it assists investors and analysts
in comparing our performance across periods on a consistent basis by excluding
items that we do not believe are indicators of our core operating performance.

CONTACT: Perry Ellis International, Inc.
         Anita Britt, CFO
         305-592-2830

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