US: Acquisitions lift G-III results
Strategic acquisitions lifted the full-year figures of sportswear and outerwear manufacturer G-III Apparel Group, with net sales up more than 50%.
The company posted an operating profit for the year ending 31 January 2006 of US$17m, up from $3.1m. Net sales were up 51% to $324.1m.
Final-quarter net sales were up 80% to $69.1m, boosted by the acquisition in July 2005 of the stock of Marvin Richards and certain assets from Winlit.
Chairman and CEO Morris Goldfarb said: "We are very pleased to have finished a strong year with an expanded range of capabilities and with unprecedented opportunities for growth.
"The strategic acquisitions we completed during the year have positioned us to create significant businesses in the women's suit and sportswear categories."
G-III is forecasting net sales of about $400m for the year ending 31 January 2007.
Retail giant Wal-Mart said it is extending its customer-focused apparel strategy to men's wear with the launch of the Exsto brand, which is designed and made by G-III Apparel....
Sportswear line Sean John and G-III Apparel Group have signed a license deal for G-III to make and distribute the Sean John Women's sportswear collection....
Apparel manufacturer and distributor G-III has reported third-quarter income and sales increases, boosted by new divisions Marvin Richards and Winlit....
Calvin Klein Inc has signed a licensing agreement with G-III Apparel Group Ltd for women's better suits in the United States, Canada, and Mexico....
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