USA: G-III Apparel Income Soars By 115.6 Per Cent For Q2
G-III Apparel Group, Ltd (Nasdaq: GIII) today announced operating results for the three and six months ended July 31, 2000. For the three months ended July 31, 2000, net sales increased 42.5 per cent to $47.4m compared to $33.2m during the same period last year. Net income for the quarter increased to $3.4m, or $0.49 per diluted share, compared to net income of $1.6m, or $0.24 per diluted share, during the same period last year. For the six months ended July 31, 2000, net sales increased 38.9 per cent to $58m compared to $41.7m during the same period last year. Net income for the six-month period this year was $928,000, or $0.13 per diluted share, compared to a net loss of $1.8m, or $0.27 per diluted share, during the same period last year. Morris Goldfarb, CEO of G-III said: "This quarter's results mark the sixth consecutive quarter of year-over-year increases in operating results. The company's growth was fueled by strong improvements in both our licensed and non-licensed segments." Mr Goldfarb concluded: "Our order book remains well ahead of last year in both our licensed and non-licensed businesses. We believe the company's winning strategy of building upon its strong portfolio of brands has positioned us for further growth for the balance of fiscal 2001 and beyond."
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