New York—G-III Apparel Group Ltd. reported Tuesday that its fourth quarter profit jumped 62% as more of the company’s branded apparel and handbags sold.
For the quarter ended Jan. 31, the apparel and accessories company posted net earnings of $8.1 million, or 40 cents a share, compared to $5 million for 25 cents a share, in the year-ago quarter. Excluding costs related to its $106 million acquisition of Vilebrequin last year, G-III earned 41 cents a share. Analysts’ average estimate expected 40 cents a share
Net revenue rose 28% to $375.3 million, ahead of analysts’ expectations for $360.2 million.
G-III sells coats and dresses under brands such as Marc New York and holds licenses for Calvin Klein, Sean Jean, Jessica Simpson and Kenneth Cole, as well as licenses with professional sports teams and colleges.
Handbag Net Sales Up 40%
According to Morris Goldfarb, chief executive, sportswear, dresses, suits, team sports and handbags all did well during the quarter and should continue into the new fiscal year. Investments have been made in Vilebrequin and the company will continue to invest in the swimwear brand.
“Our handbag business, which is among our newer category initiatives, also had a good year,” said Goldfarb. “Net sales were up 40% over the prior year. Calvin Klein handbags performed well this past season and we achieved our overall growth plan for the business in 2012. We expect to build on this success and see another year of growth in 2013. We have some exciting new fixturing programs and we expect to open up several new shops at major retailers.”
Goldfarb said bookings in handbags are up in the double digits so far this year with handbags in more than 1,000 doors.
“We continue to believe that we have an opportunity to build a total handbag business with a multi-brand approach that, over time, could be among our most important,” Goldfarb told analysts on a conference call.
G-III forecast a loss between 3 cents and 7 cents a share on revenue of $270 million for its fiscal first quarter, which runs through April. Analysts had forecast a loss of 2 cents a share on revenue of $260.1 million.
For its fiscal year ending January 2014, the company forecast net sales of about $1.55 billion and net income between $64.3 million and $66.4 million, or between $3.10 and $3.20 a share. Analysts’ consensus expects $3.32 a share on revenue of $1.52 billion.
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