US: Double-digit sales boosts G-III Apparel Q4 earnings
- Q4 earnings up 62%
- Sales climb 26%
G-III Apparel Group reported a 62% increase in earnings for the fourth quarter, boosted by strong double-digit revenue growth.
In the three months to the end of January, GAAP net income reached US$13.1m from $8.1m a year earlier.
Sales were up 26% to a record level of $472.8m from $375.3m in the fourth quarter last year, driven by broad strength across all categories and tiers of distribution, as well as by the recently acquired GH Bass & Co. business.
CEO Morris Goldfarb said: "Fiscal 2014 was an excellent year. We continued to grow at a fast pace, executed our strategic plan for Vilebrequin, acquired G.H. Bass & Co. and produced both strong sales growth and increased profitability. We are pleased to have performed well throughout the year and finished up fiscal 2014 with record breaking results for sales and earnings."
For fiscal 2015, the company is forecasting sales of around $2.05bn and net income of between $85.2m and $88.5m, or between $3.95 and $4.10 per diluted share.
G-III Apparel Group has lifted its full-year earnings and sales guidance after booking an increase in third-quarter profits....
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