US: G-III Apparel boosts FY outlook on Q3 profit rise
- Q3 profit increased 10.8% to $48.3m
- Sales rose 6.6% to $543.5m
- Company expects full-year adjusted net income of $2.82-$2.92
Clothing manufacturer G-III Apparel Group has raised its full-year earnings guidance after booking a 10.8% increase in third-quarter net profit.
Net income reached US$48.3m for the three months ended 31 October against $43.6m the same period last year. Sales rose 6.6% to $543.5m compared to $510m the prior year.
"We are very pleased to have reported a strong quarter," said CEO and chairman Morris Goldfarb.
"Even though the hurricane in New York caused an interruption of shipping during our peak days this quarter, we were still able to exceed our earnings targets as a result of realising higher gross margins. We remain confident in our ability to achieve our forecasts for the year.
"We are growing through improved penetration and door expansion. We are also excited to continue to reinforce our growth through acquisitions. Vilebrequin is an exceptional global status resort brand that we expect to grow beyond its leadership position in the status men's swim and resort market into a true lifestyle brand.
On an adjusted basis, excluding expenses associated with G-III's acquisition of Vilebrequin in August, the company now expects full-year adjusted net income per diluted share to range from $2.82 to $2.92, compared to previous guidance of between $2.74 and $2.84.
However, net sales are forecast to reach $1.39bn compared to previous guidance of $1.41bn.
G-III Apparel Group saw fourth quarter net income increase on rising sales. ...
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