Perry Ellis International Inc.
(PERY) posted a narrower-than-expected fiscal second-quarter loss, sending shares higher by more than 13% so far today.

The apparel maker reported loss per share of 42 cents, beating the Zacks Consensus Estimate for a loss of 57 cents.

Sales declined 17.8% to $159.2 million as recession-weary customers pulled back on spending, while retailers pared inventories.

Meanwhile, the company anticipates earnings for the fiscal year ending January 2010 between 70 cents and 85 cents per share.

The outlook in line with the Zacks Consensus Estimate of 75 cents per share, which has moved up 3 cents over the past week.

PERY, a Zacks #3 Rank (“Hold”) stock, is trading on higher-than-usual volume of about 234,000, compared to the average daily volume of approximately 110,000.

“PERY” Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research