US: Diversification boosts G-III Q2 profit
- Q2 profit of US$3m, versus net loss of $2.8m
- Net sales up 39% to $189m
- Increases FY sales and earnings guidance
Increasing diversification drove G-III Apparel Group to record a second quarter profit on a strong sales boost of 39%, thanks to growth in women’s dresses, sportswear and suits.
The company said its Wilsons retail outlet store business had also performed strongly in the three months to 31 July.
“The impact of our increasing diversification, both by product categories and brand, was demonstrable in the second quarter,” said Morris Goldfarb, chairman and CEO of G-III.
“We now have built a dress and sportswear business that is shipping 12 months a year. We are looking ahead to a strong second half of the year as a result of the combination of our dress and sportswear business with our fall and winter outerwear business.”
The company now expects to post full-year net sales of about $1.025bn and net income of $52-54m.
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Morris Goldfarb, the chairman and CEO of G-III Apparel Group is joining the board of directors at Christopher & Banks Corporation....
G-III Apparel Group recorded a 32.2% surge in third quarter profits, boosted by a 23.8% rise in revenues from across the company's business units....
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