G-III Apparel Group has lowered its full-year guidance, anticipating a difficult end to the year after third quarter profit rose 21% to US$28.8m.

Sales for the three months to 31 October were up 29.6% to $351.6m.

For the first nine months of the fiscal year, sales leapt 38.5% to $540.5m, and profit increased 10.4% to $18.1m.

"Our third quarter results represent a solid performance, given the conditions in the market," said Morris Goldfarb, G-III president and CEO.

But he added: "Retailers have been slower to reorder and we expect to see a higher level of promotional activity in the fourth quarter, particularly in the luxury tier. Additionally, traffic and comparable store sales results are lower than we had planned in our recently acquired Wilsons outlet business."

G-III now expects full-year sales to be about $715m, down from its previous forecast of $730m.

The company expects to turn a profit of $16.3-18.1m, down from the previous prediction of $23.5-24.4m.