US: G-III Apparel boosts Q3 income, raises guidance
- Q3 net sales increased 3.4%
- Net income up 12.2%
- Increases FY guidance
Manufacturer and distributor G-III Apparel Group has bolstered its net income during the third quarter, having made its operations more efficient and increasing sales.
For the three months ended its net sales increased by 3.4% to $363.5m from $351.6m in the same quarter of last year.
Net income for the three months ended 31 October increased by 12.2% to $32.3m, compared to $28.8m.
For the first nine months, net sales increased by 12.3% to $607.0m and net income increased by 25.5% to $22.7m, compared to $18.1m in the same period last year.
Morris Goldfarb, chairman and chief executive officer, said: "Over the course of this year, we have worked hard to design and deliver great product, make our operations even more efficient and position our business for continued success.
"Our year to date results were driven by strong increases in our dress businesses led by Calvin Klein, as well as the strong start from our new Calvin Klein sportswear business."
For the full fiscal 2010 year ending 31 January the company has revised its guidance and now expects net sales of approximately $790m, compared to its prior guidance of net sales of approximately $770m.
It expects net income in the range of $23.0m to $23.7m, compared to its prior guidance of net income in the range of $16.6m to $18.4m.
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