UPDATE 2-Perry Ellis shares tumble on grim outlook

giovedì 13 novembre 2008 20:18
 

* Sees weak Q3; slashes '09 profit view

* Higher costs, markdowns, weak economy hurt

* Plans to cuts jobs, consolidate Tampa unit to trim costs

* Says has no visibility on Thanksgiving, Christmas seasons

* Perry Ellis stock falls 33 pct; rivals' shares follow (Recasts; adds analysts' comments, background, share movement)

By Dhanya Skariachan

BANGALORE, Nov 13 (Reuters) - Shares of Perry Ellis International Inc (PERY.O: Quotazione) plunged to their lowest levels in almost 8 years, as the apparel maker, stung by bigger discounts and ballooning costs, sees bleak days ahead amid a stormy retail environment.

"We have no visibility on what the Thanksgiving weekend and the Christmas season will bring," Perry Ellis CEO George Feldenkreis said in a statement.

BB&T Capital Markets analyst Eric Tracy downgraded Perry Ellis shares to "hold" from "buy," after the company forecast third-quarter results below market estimates and slashed its profit forecast for the 2009 financial year.   Continua...