US: G-III Apparel Q1 earnings and sales climb
- Q1 net income up 18.2%
- Net sales climb 34%
G-III Apparel Group has booked an increase in first-quarter profit and upped its sales and earnings guidance for the full year.
In the three months to the end of April, net income amounted to US$1.3m, an 18.2% increase on earnings of $1.1m in the prior year. The results included expenses related to the transition and repositioning of its recently acquired GH Bass business.
Net sales increased 34% to $366.2m from $272.6m in the year-ago period. Of this, $44.2m represented sales from GH Bass, acquired in November last year.
"We finished the quarter with good momentum, clean inventories and a solid mix of growth opportunities," said CEO Morris Goldfarb. "There were strong performances by a number of our Calvin Klein divisions, Vilebrequin and several of our dress businesses, all of which enabled us to exceed our forecast for the first quarter."
The company said it is now forecasting net sales of around $2.06bn and net income of between $87.9m and $91.2n. This compares to its previous guidance of net sales of $2.05bn and net income of between $85.2m and $88.5m.
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