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| George Feldenkreis |
DOW JONES NEWSWIRES
Perry Ellis International Inc. (PERY) has launched a review of its brand portfolio, a disclosure the retailer offered projected disappointing fiscal fourth-quarter results.
The company has struggled in a highly competitive retail environment and from what Chairman and Chief Executive George Feldenkreis in November called a lack of "brand direction."
Under the review disclosed Tuesday, Perry Ellis said it will look to place a heavier focus on brands with potential for growth, while also reducing non-core expenses. The review is expected to be completed during the first half of fiscal 2013.
Turning to its fourth-quarter results due to be released next month, the company said a heavily promotional holiday season weighed on its profitability.
"While we experienced increased traffic in our direct to consumer business, we also increased promotions to be in line with the environment to remain competitive," said Chief Operating Officer Oscar Feldenkreis.
For the period ended Jan. 28, the company sees a per-share profit of 35 cents to 38 cents a share on roughly $229 million in revenue. Analysts polled by Thomson Reuters were looking for 44 cents and $251 million, respectively.
Shares closed Monday at $16.76 and were inactive in premarket trade.
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