Perry Ellis International reported preliminary revenues of $890 million for fiscal year 2015, down from $912 million the previous year, according to a news release Tuesday.
The retailer had earlier predicted revenues between $910 and $920 million for 2015. The missed target was largely the result of major delays at West Coast ports, which cost the company $23 million in lost sales revenue, Perry Ellis said.
Shares fell 16 percent to $23.93 during after hours trading.
Perry Ellis was not able to fill some sales orders on time because a slowdown at the ports caused customers to receive goods more than two weeks late. The company said it anticipates further problems with its supply chain in the future but was preparing alternate plans.
“Like companies across industries, we are taking action to overcome the challenges presented by the West Coast ports situation. We have expanded our East Coast logistics pipeline in an effort to improve receipts and the delivery of goods to our retail partners," chief operating officer Oscar Feldenkreis said in a statement.
The company said the port delays “necessitated” the preliminary release of its revenues. It will release a full accounting of its profits and losses at the end of March.