New York-based G-III Apparel Group Ltd on Wednesday posted a huge fall in annual profits as it was hit by the fall-out of the US terrorist attacks and unusually warm weather.

The firm, known for its leather and non-leather outerwear apparel, reported net income of $2.4 million, or $0.32 per diluted share, in fiscal 2002, compared to net income of $11.2m, or $1.57 per diluted share, in fiscal 2001.