US: G-III Apparel swings to Q4 profit
- Swings to Q4 profit of $9.01m
- Net sales rose 13.6% to $193.8m
- Sees “good momentum into spring”
Higher sales have helped G-III Apparel Group Ltd swing to a fourth quarter profit, with the clothing firm today (25 March) saying it finished the year “with good momentum heading into spring.”
The company, which sells outerwear and dresses under its Andrew Marc and Marc New York labels and has fashion licenses under the Calvin Klein, Kenneth Cole, Guess? and Levi’s brands, also said it sees sales improving in its fiscal first quarter.
“Our order book indicates that our momentum is intact in the short term as we develop significant long-term opportunities,” said chairman and CEO Morris Goldfarb.
“Over the course of the year, we made substantial progress toward our overall goal of building our company into an all season diversified apparel company,” he added.
Earnings for the three months to 31 January were $9.01m or $0.49 per share, compared with a loss of $32.1m or $1.93 per share, a year earlier.
Excluding a tax benefit and impairment charges, adjusted net income was $0.40 per share.
Net sales rose 13.6% to $193.8m, from $170.7 in the same period last year, the New York based firm said.
For the fiscal year the company swung to a profit of $31.7m or $1.83 per share, from a loss of $14.03m or $0.85 per share last time.
Annual net sales rose by 12.6% to $800.9m from $711.1m a year ago.
Looking ahead, G-III is forecasting net sales of $135m for its first quarter, up from last year’s $107.6m. Losses are also seen narrowing from $6.8m to between $3.3m and $4.3m.
G-III Apparel Group has signed a joint venture deal with The Camuto Group that will open and operate footwear and accessory retail stores under the name "Vince Camuto"....
Increasing diversification drove G-III Apparel Group to record a second quarter profit on a strong sales boost of 39%, thanks to growth in women's dresses, sportswear and suits....
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