New York—G-III Apparel Group, which boasts more than 30 licensed and proprietary brands, including Calvin Klein, Kenneth Cole, Cole Haan, Guess?, Tommy Hilfiger, Levi’s, Dockers, Jessica Simpson, Vince Camuto, Ellen Tracy, etc., saw its shares rise today after reporting strong third-quarter results and lifting its full-year forecast.
For the quarter ended Oct. 31, the apparel, footwear and accessories company posted a net income increase of 23% to $59.6 million, or $2.85 a share, compared with net income of $48.3 million, or $2.37 a share, in the prior year-period. Excluding expenses related to its acquisition of G.H. Bass & Co., and Vilebrequin, adjusted earnings were $2.88 a share. That beat analysts’ average estimate for $2.61 a share.
Net sales increased 23% to $668.7 million ahead of analysts’ estimate for $629.28 million.
Calling the third quarter increases “driven by across-the-board strength,” Morris Goldfarb, chairman/president/ceo, noted, “In our specialty retail business, we continued a powerful comp sales trend in our Wilsons’ business and proceeded with our full-priced store test in time for the holiday season. In addition, we acquired G.H. Bass & Co., which is an iconic brand with great potential and a business that should integrate well into our existing retail platform.”
G-III also revised upward its full year forecast. It now expects $3.47 to $3.57 a share, up from its previous forecast for $3.47 to $3.57 a share. Analysts’ consensus expects $3.29 a share.
“We have had consistent growth over the last several years and our opportunities have never had greater scale or wider scope than they do today,” Goldfarb said. “Our team and culture have never been stronger. We look forward to the work ahead and to the continuing opportunity we have to create value for our shareholders.”
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