• Fourth quarter net income increased 60.7% to $8.1m
  • Net sales were up 27.4% to $375.3m
  • Full-year net income increased 14.6% to $56.9m
  • Sales were up 14% to $1.4bn 

G-III Apparel Group saw fourth quarter net income increase on rising sales.

The company recorded a 60.7% increase in net income over the quarter ended 31 January to reach US$8.1m from $5m in the same period of the prior year. Net sales grew 27.4% over the period to reach $375.3m.

"We are pleased to have finished our year with a good fourth quarter and, more importantly, to be well positioned for the current year," said chairman and CEO Morris Goldfarb.

"We continue to see strength in many areas of our business, including sportswear, dresses, suits, team sports and handbags, as well as our Wilsons Leather stores. We are presently executing on our long-term Vilebrequin strategic plan. We have made significant investments in this business and will continue to do so over the next several years. I am extremely confident in Vilebrequin's prospects."

Over the full year, net income grew 14.6% to reach $56.9m, while sales increased 14% to $1.4bn.

The company is forecasting net sales of approximately $1.55bn and net income between $64.3-66.4m for the full year.