US: G-III Apparel sales up, losses narrow
- Net sales increase 19.8% to US$135.9m
- Net loss narrows
- Strong results from dress and sportswear
Strong performances from its sportswear division have helped G-III Apparel Group report a growth in second quarter sales and a narrowing of its losses, compared to the same period last year.
For the three months ended 31 July 2009, net sales increased by 19.8% to US$135.9m from $113.5m in last year's comparable quarter. The company reported a net loss of $2.8m for the three months, compared to a net loss of $3.9m last year.
In a statement, G-III Apparel noted that the improved bottom-line performance occurred notwithstanding the seasonal losses associated with its Wilsons retail outlet business, which were only included for three weeks in the year-ago results.
Morris Goldfarb, chairman and CEO, said: "We are pleased with the performance of our business during the quarter. We saw strong results from our dress and sportswear businesses. At the same time, we built our order book to expected levels and are positioned well for the upcoming fall season in outerwear, dresses, sportswear and suits."
Looking ahead, the company said that for the full year it expects net sales of approximately $770m, net income in the range of $16.6m to $18.4m, and diluted net income per share between $0.95 and $1.05.
The company is also forecasting EBITDA for the fiscal year to increase approximately 10% to 18% to a range of approximately $40.2 to $43.2m.
Help test our new apparel sourcing tool.
G-III Apparel Group Ltd is planning to sell shares of its common stock in a public offering to support the growth of its business, including possible acquisitions....
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....
- China leads US apparel sources with falling prices
- Vietnam grows share of US apparel imports in 2016
- US apparel sector braces for potential cost hikes
- Trade Tracker – Trump's first weeks, Brexit agenda
- Key trade issues facing US textiles and apparel
- Bangladesh "high threat" for terrorist activity
- VF Corp sees Q4 and FY earnings tumble
- Adidas and Burberry recognised for sustainability
- Sales at US clothing retailers jumped in January
- Ralph Lauren new execs to support Way Forward Plan
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective
- Technical textile markets: product developments and innovations, December 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022