Exhibit 99.1

Perry Ellis International Reports Fourth Quarter & Full Fiscal 2011 Results

Perry Ellis International, Inc. (NASDAQ:PERY) today reported results for the fourth quarter (“fourth quarter of fiscal 2011”) and the fiscal year ended January 29, 2011 (“fiscal 2011”).

Fiscal 2011 Results

Fiscal 2011 revenues were $790.3 million, which was in line with Company guidance, compared to $754.2 million reported in the prior year ended January 30, 2010 (“fiscal 2010”). This represents a 5% revenue increase over fiscal 2010. Excluding planned exited businesses associated with mass market programs and an exited license agreement totaling $36 million in fiscal 2010, fiscal 2011 revenues increased by 10% over fiscal 2010.

The Company reported an 83% increase in net income attributed to Perry Ellis International, Inc. for fiscal 2011 of $24.1 million, or $1.70 per fully diluted share compared to net income attributed to Perry Ellis International, Inc. of $13.2 million, or $1.01 per fully diluted share, for fiscal 2010.

Net income attributed to Perry Ellis International, Inc. per share (“EPS”), diluted, as adjusted for fiscal 2011 was $1.85 compared to EPS, diluted, as adjusted of $1.02 in fiscal 2010. EPS, as adjusted excludes costs associated with the recent acquisition of certain assets of Rafaella Apparel Group, Inc. (“Rafaella”) and impairment charges of certain retail store leaseholds for fiscal 2011 and 2010. (See attached reconciliation “Table 1”).

“Fiscal 2011 was an outstanding year for Perry Ellis International. The results we delivered and our current positioning in the market place remains a testament to the strength of our brand portfolio and business model,” commented Oscar Feldenkreis, President and COO. “Our key growth platforms led by women’s and contemporary with the recent acquisition of Rafaella, as well as Perry Ellis Collection, Golf, Hispanic, and direct to consumer, are all very well positioned to show strong organic growth and capture additional market share in fiscal 2012,” continued Mr. Feldenkreis.

Overall gross margin for fiscal 2011 improved to 35.7% compared to 33.0% in fiscal 2010, an increase of 270 basis points. Improved profitability within the Company’s direct-to-consumer businesses, increased full price sell-throughs at retail, and a continued mix of higher margin branded product all contributed to the significant expansion in gross margin over fiscal 2010.

Earnings before interest, tax, Rafaella acquisition costs, impairments, depreciation, and amortization (“adjusted EBITDA”) for fiscal 2011 was $64.7 million, or 8.2% of total revenues. This represents a 33% increase over fiscal 2010 adjusted EBITDA of $48.7 million. (See attached reconciliation “Table 2”).

Fourth Quarter 2011 Results

Total revenue for the fourth quarter of fiscal 2011 was $206.9 million, a 5% increase compared to $196.4 million reported in the fourth quarter of fiscal 2010. The increase is attributable to strong performance within Perry Ellis Collection at department stores, as well as the direct to consumer and women’s and contemporary businesses.

As reported under GAAP, fourth quarter fully diluted EPS was $0.54 compared to $0.64 in the fourth quarter of fiscal 2010. Excluding the above mentioned costs associated with the Rafaella acquisition and impairment charges of certain leaseholds for fiscal 2011 and 2010, fully diluted EPS, as adjusted, for the fourth quarter was $0.69 compared to $0.65 in the prior year period. (See attached reconciliation “Table 1”).

Balance Sheet Update

The Company remained in outstanding financial position at year end. With a strong focus on working capital management, the Company generated $21 million in cash from operations and free cash flow of $14 million for year. The Company reported $18.5 million in cash and cash equivalents at year end.

Inventory was $178.2 million at year end compared to $112.3 million in the prior year period. Of the $65.9 million increase, $22.7 million was related to inventory associated with the acquisition of Rafaella. In addition, inventory rose to support the planned growth of the business and included strategic purchases to secure pricing and capacity and was in-line with Company expectations.

Accounts receivable, decreased 7% to $129.5 million at year end compared to $139.9 million in fiscal 2010. Excluding $4.9 million related to the Rafaella acquisition, accounts receivable decreased 11% as compared to $139.9 million in fiscal 2010.

Fiscal 2012 Guidance

As previously announced on March 8, 2011, the Company completed a concurrent offering of two million shares of its common stock and $150.0 million of senior subordinated notes due 2019. As a result of these two transactions, the Company further strengthened its financial condition, and remains positioned to continue utilizing the strength of its capital structure to drive strong organic growth and also maximize new initiatives derived by the recent acquisition of Rafaella.

Both transactions will have a dilutive effect on the Company for the twelve months ending January 28, 2012 (“fiscal 2012”), and the Company now anticipates fully diluted EPS in the range of $2.30 to $2.40, which represents growth of 27% at the mid-point of the range from adjusted diluted EPS of $1.85 in fiscal 2011. This compares to the Company’s pre-common stock and senior subordinated note offering EPS guidance of $2.50 to $2.65.

“We are extremely pleased with our two recent capital market transactions, which serve as an integral part of our overall growth strategy and strong financial condition,” commented George Feldenkreis, Chairman and CEO of Perry Ellis International. “As we continue to see the momentum from fiscal 2011 within many of our businesses, we feel confident in our ability to offset a significant portion of the dilutive impact from these transactions and deliver earnings per share in the range of $2.30 - $2.40, for this fiscal year,” continued Mr. Feldenkreis.

The Company reaffirmed guidance for revenues to reach $1 billion dollars for fiscal 2012.

About Perry Ellis International

Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men’s and women’s apparel, accessories and fragrances. The Company’s collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear and men’s and women’s swimwear is available through all major levels of retail distribution. The Company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: Perry Ellis^(R), Jantzen^(R), Laundry by Shelli Segal^(R), C&C California^(R), Cubavera^(R), Centro^(R), Solero^(R), Munsingwear^(R), Savane^(R), Original Penguin^(R) by Munsingwear^(R), Grand Slam^(R), Natural Issue^(R), Pro Player^(R), Havanera Co.^(R), Axis^(R), Tricots St. Raphael^(R), Gotcha^(R), Girl Star^(R), MCD^(R), John Henry^(R), Mondo di Marco^(R), Redsand^(R), Manhattan^(R), Axist^(R), Farah^(R) and Rafaella^(R). The Company enhances its roster of brands by licensing trademarks from third parties, including: Pierre Cardin^(R) for men’s sportswear, Nike^(R) and Jag^(R) for swimwear, and Callaway^(R), TOP-FLITE^(R), PGA TOUR^(R) and Champions Tour^(R) for golf apparel. Additional information on the Company is available at http://www.pery.com.

Safe Harbor Statement

We caution readers that the forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as “anticipate,” “believe,” “budget,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “indicate,” “intend,” “may,” “might,” “plan,” “possibly,” “potential,” “predict,” “probably,” “proforma,” “project,” “seek,” “should,” “target,” or “will” and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include: general economic conditions, a significant decrease in business from or loss of any of our major customers or programs, anticipated and unanticipated trends and conditions in our industry, including the impact of recent or future retail and wholesale consolidation, recent and future economic conditions, including turmoil in the financial and credit markets, the effectiveness of our planned advertising, marketing and promotional campaigns, our ability to contain costs, disruptions in the supply chain, our future capital needs and our ability to obtain financing, our ability to protect our trademarks, our ability to integrate

acquired businesses, trademarks, trade names and licenses, our ability to predict consumer preferences and changes in fashion trends and consumer acceptance of both new designs and newly introduced products, the termination or non-renewal of any material license agreements to which we are a party, changes in the costs of raw materials, labor and advertising, our ability to carry out growth strategies including expansion in international and direct to consumer retail markets, the level of consumer spending for apparel and other merchandise, our ability to compete, exposure to foreign currency risk and interest rate risk, possible disruption in commercial activities due to terrorist activity and armed conflict, and other factors set forth in Perry Ellis International’s filings with the Securities and Exchange Commission. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in Perry Ellis’ filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date they were made. We undertake no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.

SOURCE: Perry Ellis International, Inc.

For Perry Ellis International, Inc.

ICR, Inc.

Allison Malkin, 203-682-8225

PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (UNAUDITED)

(amounts in 000’s, except per share information)

INCOME STATEMENT DATA:

PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (UNAUDITED)

(amounts in 000’s)

BALANCE SHEET DATA:

PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES

Table 1

Reconciliation of fiscal 2011 and 2010 and fourth quarter of fiscal 2011 and 2010 earnings per share to

adjusted earnings per share.

(UNAUDITED)

(amounts in 000’s)

“Adjusted net income attributed to Perry Ellis International Inc. per share, diluted” consists of “net income attributed to Perry Ellis International Inc. per share, diluted” adjusted for the impact of the acquisition cost associated with the recent acquisition of certain assets of Rafaella and the impairment on long-lived assets associated with certain retail store leaseholds. These costs and impairment are not indicative of our ongoing operations and thus to get a more comparable result with the operating performance of the apparel industry, they have been removed, net of taxes, from the calculation.

PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES

Table 2

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA(1)

(UNAUDITED)

(amounts in 000’s)

“EBITDA as adjusted” consists of EBITDA adjusted for the impact of the non-cash impairment on long-lived assets and the acquisition costs associated with the Rafaella transaction These charges are not indicative of our ongoing operations and thus to get a more comparable result with the operating performance of the apparel industry, they have been removed from the calculation.