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For 2012, the company expects to earn $2.30-$2.40 a share.
Analysts, on average, were expecting profits of $2.47 a share, according to Thomson Reuters I/B/E/S.
For the fourth quarter, ended January 29, the company whose brands include Laundry by Shelli Segal, Cubavera and Jantzen, earned $7.7 million, or 54 cents a share, compared with $8.5 million, or 64 cents a share, a year ago.
Excluding items, the company that also distributes accessories and fragrances earned 69 cents a share.
Revenue rose 5 percent to $206.9 million.
Analysts' average expectation was a profit of 67 cents a share on revenue of $207.8 million.
In January, Perry Ellis bought Rafaella Apparel Group from Cerberus Capital Management for about $70 million to diversify and strengthen its presence in the women's apparel market.
Shares of the Miami-based Perry Ellis, which have lost about 10 percent since raising FY outlook in February, closed at $26.30 on Thursday on Nasdaq.
(Reporting by NR Sethuraman; Editing by Joyjeet Das)