• Net sales increase 19.8% to US$135.9m
  • Net loss narrows
  • Strong results from dress and sportswear

Strong performances from its sportswear division have helped G-III Apparel Group report a growth in second quarter sales and a narrowing of its losses, compared to the same period last year.

For the three months ended 31 July 2009, net sales increased by 19.8% to US$135.9m from $113.5m in last year's comparable quarter. The company reported a net loss of $2.8m for the three months, compared to a net loss of $3.9m last year.

In a statement, G-III Apparel noted that the improved bottom-line performance occurred notwithstanding the seasonal losses associated with its Wilsons retail outlet business, which were only included for three weeks in the year-ago results.

Morris Goldfarb, chairman and CEO, said: "We are pleased with the performance of our business during the quarter. We saw strong results from our dress and sportswear businesses. At the same time, we built our order book to expected levels and are positioned well for the upcoming fall season in outerwear, dresses, sportswear and suits."

Looking ahead, the company said that for the full year it expects net sales of approximately $770m, net income in the range of $16.6m to $18.4m, and diluted net income per share between $0.95 and $1.05.

The company is also forecasting EBITDA for the fiscal year to increase approximately 10% to 18% to a range of approximately $40.2 to $43.2m.