G-III Apparel Group Ltd (NASDAQ: GIII)
G-III Apparel Group Ltd. reported fiscal third-quarter net income of $94.0 million and net sales of $1.07 billion before markets opened on Thursday.
The New York-based clothing and accessories maker also lifted its forecast for the full fiscal year ending Jan. 31, 2019.
G-III Apparel licenses or owns several fashion brands, including Tommy Hilfiger, DKNY, Calvin Klein, Donna Karan, Jessica Howard, and G. H. Bass. GIII stock has gained nearly 10% since the beginning of the year and 19% year over year. The shares opened the regular session at $40.76 on Thursday.
GIII Earnings & Outlook
Net income for the three months ended October 31 was $94.0 million, or $1.86 per share, compared with $81.6 million, or $1.65 per share, in the same period last year. Excluding one-time costs and gains, earnings came to $1.88 per share. G-III posted net sales of $1.07 billion for the period, an increase of 4.7% from $1.02 billion in the comparable period a year ago.
Analysts had called for adjusted earnings of $1.81 per share on net sales of $1.08 billion, according to figures compiled by Refinitiv. Looking ahead, the company views fiscal 2019 net sales of $3.08 billion, up from its earlier guidance of $3.06 billion.
G-III Apparel also expects to report earnings of between $2.59 and $2.69 per share for the fiscal year, up from its previous guidance of $2.45 to $2.55 per share. Its forecast for adjusted earnings is in the range of $2.67 to $2.77 per share for the fiscal year, up from its earlier forecast of $2.52 to $2.62 per share.
G-III Apparel CEO Comments
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “In our largest shipping quarter, the continued momentum in our wholesale business enabled us to surpass our third quarter earnings guidance. We again demonstrated great ability to successfully leverage our five global power brands. Our products are set-up well across our channels of distribution for the important holiday season and we believe we will have a strong finish to the year.”
G-III Apparel Group Ltd. Profile
G-III Apparel Group Ltd. manufactures and distributes outerwear and sportswear. It operates through the following business segments: Wholesale Operations and Retail Operations business. The Wholesale Operations segment consists of products and non-licensed products segments. It also includes sales of products under the company’s licensed brands.
The Retail Operations segment includes Wilsons Leather and G.H. Bass stores, as well as Calvin Klein Performance stores. The company provides apparel under recognized brands to retailers such as Macy’s, Bloomingdale’s, Nordstrom, Lord and Taylor, The Bon-Ton Stores, Dillards, JC Penney, and Kohl’s. G-III Apparel Group was founded by Aron Goldfarb in 1974 and is headquartered in New York, NY. – Yahoo Finance