Outerwear and sportswear maker G-III Apparel Group Ltd yesterday (10 September) said it narrowed its second quarter loss ahead of earlier expectations, and raised its guidance for the full year.
 
For the three months to 31 July, net loss was $884,000, or $0.05 per share, compared to a net loss of $1.7m or $0.14 per share in the same period last year.

This performance beats the company's prior guidance of a net loss per share in the range of $0.19 to $0.24.

Net sales increased by 21% to $83.9m from $69.1m, exceeding earlier estimates for quarterly sales of $75m.

Morris Goldfarb, chairman and chief executive officer, said: "Our suite of licensed fashion outerwear brands has had a very strong booking season led by Calvin Klein, Guess?, Kenneth Cole, and Sean John.

"Despite a relatively challenging marketplace, we are confident that we will perform well in both our licensed and private label outerwear businesses."

For the full fiscal year ending 31 January 2008, the company now forecasts diluted net income per share between $0.98 and $1.03, up from earlier guidance of between $0.90 and $0.95.