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UPDATE: Perry Ellis Reports Upbeat Q1 Results, Lifts 2012 Earnings Forecast

By Insider Scoop
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Courtesy of Benzinga

Perry Ellis International Inc (NASDAQ: PERY) reported upbeat quarterly results and lifted its earnings guidance for the year.

Perry Ellis reported its Q1 net income at $15.4 million, or $0.99 per share, up from $11.2 million, or $0.81 per share, in the year-ago period. Excluding items, PERY’s earnings came in at $1.08 per share. Its revenue climbed 31% to $288.3 million. However, analysts were expecting earnings of $0.99 per share on revenue of $277.1 million.

Perry Ellis now projects 2012 earnings of $2.40 to $2.50 per share, versus its earlier forecast of $2.30 to $2.40 per share.

Perry Ellis shares fell 3.37% to close at $29.50 on Friday.

Read more from Benzinga’s Company news.

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