Perry Ellis International reported fiscal 2017 second quarter results for the period ended July 30, 2016.
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Total revenue was $202 million, a 5% decrease compared to $213 million in the second quarter of fiscal 2016.
Increased sales across the company's core global brands were offset by 3% planned business exits as well as 2% reductions in special market revenues.
The company also experienced negative currency headwinds of approximately 1.4% on total revenues.
Gross margin expanded 100 basis points to 36.6%, from gross margin of 35.6% and (90 basis points from adjusted gross margin of 35.7%) in the 2016 second quarter, reflecting stronger margin in company's Men's Sportswear, Golf Lifestyle and Nike businesses as well as expansion in direct to consumer margins, and cost savings realized through the ongoing infrastructure review.
Selling, general and administrative expenses totaled $72.7 million, as compared to $68.3 million in the comparable period of the prior year.
Excluding costs associated with streamlining and consolidation of operations, expenses were $66.8 million for the second quarter of fiscal 2017 as compared to $67.1 million in the comparable quarter of the prior year.
As reported under GAAP, the fiscal 2017 second quarter loss was $3.6 million, or $0.24 per diluted share, as compared to a loss of $1.3 million, or $0.09 per diluted share, in the second quarter of fiscal 2016.
On an adjusted basis, fiscal 2017 second quarter earnings per diluted share were $0.15 as compared to adjusted earnings per diluted share of $0.31 in the second quarter of fiscal 2016.
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the second quarter of fiscal 2017 totaled $7.1 million as compared to $8.9 million in the comparable period of the prior year.
Adjusted EBITDA margin was 3.5% as compared to 4.2% in the comparable period of the prior year. EBITDA totaled $1.2 million as compared to $7.7 million for the comparable period of the prior year. ■