• Q4 profit US$5m, down from $12.3m
  • Net sales up 9% to $294.3m
  • Warm weather blamed for profit dip

Warm weather was blamed for a lacklustre fourth quarter from G-III Apparel Group, which posted a reduced net profit despite a 9% sales increase.

For the full year to 31 January, the US business posted net profit of US$49.6m, down from $56.7m, with net sales up 15.8% to $1.23bn.

G-III is predicting an improvement in fiscal 2013, forecasting net sales of about $1.33bn and net profit of $54-56m.

“Although we achieved record sales in fiscal 2012, the record-breaking warm weather was a major factor in our disappointing fourth quarter performance,” said Morris Goldfarb, chairman and CEO.

“Our opportunities across several brands and categories remain quite compelling.

“We are very encouraged by the ongoing growth of our dress business and our league sports business, driven by our expanded NFL licence.”