US: G-III reports soaring fourth quarter profits
- Q4 net income climbs 37% to US$12.3m
- Net sales increase 39.4%
- FY sales up 32.8%
US clothing company G-III Apparel Group has posted improved fourth quarter and fiscal earnings and forecast further growth next year.
For the fiscal year ended 31 January 31, G-III reported that net sales increased by 32.8% to $1.06bn from $800.9m last year. Net income per diluted share increased to $2.88 from $1.83 last year.
G-III reported a net sales increase of 39.4% to $270.2m for the fourth quarter period, as net income per diluted share increased to $0.62 from $0.49 for the comparable period last year.
Morris Goldfarb, G-III’s chairman and CEO, said: “We are very pleased to have delivered a record breaking performance this year, surpassing the $1bn sales mark for the first time in our history. Our businesses are operating well and achieving growth despite a highly competitive and complex environment, which we believe to be indicative of our superior operating capabilities.
“Our reputation as a strong partner and our growing portfolio of exceptional licensed and owned brands has enabled us to leverage our relationships to create and capitalize on new opportunities. In the year ahead, we believe we can grow our existing businesses, supplement them with new category growth in handbags and luggage, expand our retail business to include the Vince Camuto outlet concept and continue to seek acquisition opportunities.”
G-III also issued guidance for the fiscal year 2012, forecasting net sales of approximately $1.2bn and net income between $64.5m and $66.5m, from $56.7m in fiscal 2011.
Women's wear maker G-III Apparel Group Ltd has seen its second quarter profit almost halve after higher levels of discounts offered to retailers ate into margins, but raised its guidance for the year....
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