oss Stores, Inc. reported earnings per share for the 13 weeks ended October 29, 2011 of $1.26, up from $1.02 for the 13 weeks ended October 30, 2010. These results reflect a 24% increase on top of 21% and 91% gains in the third quarters of 2010 and 2009, respectively.
Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, "We are pleased with our above-plan sales and earnings in the third quarter and first nine months of 2011, especially considering this growth was achieved on top of exceptional increases in the prior two years. Our strong revenue gains continue to be driven mainly by our ability to deliver compelling bargains on a wide assortment of exciting name brand fashions for the family and the home to today's increasingly value-focused consumers. In addition, operating our business on lower in-store inventories is driving faster turns and lower markdowns, which continues to benefit profit margins."
Net earnings for the third quarter ended October 29, 2011 grew 19% to $144.0 million, up from $121.4 million for the third quarter ended October 30, 2010. Fiscal 2011 third quarter sales increased 9% to $2.046 billion, with comparable store sales up 5% over the prior year. For the nine months ended October 29, 2011, earnings per share were $4.03, up from $3.26 for the nine months ended October 30, 2010. These results represent 24% growth on top of 36% and 52% gains for the first nine months of 2010 and 2009, respectively. Net earnings for the year-to-date period in 2011 grew 18% to $465.2 million, up from $393.0 million in the prior year period. Sales for the first nine months of 2011 increased 9% to $6.210 billion, with comparable store sales up 5% on top of a 6% gain last year.
Meanwhile, Perry Ellis International Inc posted lower third-quarter earnings, lagging market estimates for the first time in at least two years, and said it expects increased promotions to hurt the current quarter as well. Shares of the Miami-based company fell about 30 percent in morning trade on Thursday, making the stock the top percentage loser on Nasdaq. For the full-year, the company expects an adjusted profit of $2.00 or above, on revenue of about $1 billion. Analysts were expecting it to earn $2.51 on revenue of $1.02 billion, according to Thomson Reuters.
