US: G-III Q4 disappoints as profit slumps
- 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.”
Help test our new apparel sourcing tool.
Clothing manufacturer G-III Apparel Group has today (5 September) raised its full-year guidance despite posting a 16.5% decline in second-quarter net profit....
Active wear company Lululemon Athletica is suing PVH's Calvin Klein and G-III Apparel Group over alleged trouser patent infringements. ...
G-III Apparel Group has acquired men's luxury swimwear and resort-wear brand Vilebrequin from Fashion Fund One. ...
US apparel company Perry Ellis has appointed Denise Miller as president of Rafaella Sportswear. ...
- Rana Plaza four years on – Timeline of change
- Trump and Brexit get a dose of pragmatism
- Industry groups reaffirm commitment to Bangladesh
- Using worker surveys to drive supply chain change
- Where does VF supply chain sit in growth strategy?
- Adidas to digitalise Speedfactory concept
- Nike filed patent for "reinforced denim"
- Gap unveils five-year sustainable fibres pledge
- M&S extends sourcing deal with Lindsey brothers
- Adidas and Reebok top transparency index
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Myanmar - ISA Country Report