Apparel company Perry Ellis International Inc. (NASDAQ:PERY) slashed its full-year guidance, blaming sharp rise in promotional markdowns and sales allowances for the holiday season. On Tuesday, shares plunged 17.6% to $13.80 in premarket trading.
For Q4, PERY expects adjusted EPS of $0.35 to $0.38, on revenue of $229 million. Analysts' expect EPS of 44 cents, on revenue of $251.5 million.
For 2012, the company now sees adjusted EPS of $1.91 to $1.94, versus prior view at or above $2.00. It expects total revenue to be around $980 million, down from $1.0 billion projected earlier. Analysts' expect EPS of $2.01, on revenue of $1.0 billion.
PERY also announced a strategic review of its brand portfolio to position for long-term growth.
The stock closed at $16.76 on Monday.