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G-III Apparel Group slips in to Q2FY17 net loss
31
Aug '16
Courtesy: G-III Apparel Group
Courtesy: G-III Apparel Group
G-III Apparel Group slipped in to a net loss in the three months ended July 31, 2106, when it reported a net loss of $1.3 million, or $0.03 loss per share as against net income of $12.5 million, or $0.27 per diluted share, in the prior fiscal's second quarter. The results included fees of $3.0 million, equal to around $0.04 per share, net of taxes.

In the second quarter of fiscal 2017, net sales dropped 7 per cent to $442.3 million compared to $473.9 million in the previous fiscal's corresponding quarter.

The apparel marketer revised its prior guidance for net sales for the full fiscal and now forecasts them to be approximately $2.48 billion vis-à-vis approximately $2.56 billion in the earlier guidance.

The company now projects net income of between $102 million and $106 million, or a range between $2.16 and $2.26 per diluted share, compared to its previous guidance of between $120 million and $125 million, or a range between $2.55 and $2.65 per diluted share.

According to G-III, fiscal 2017's forecast includes professional fees of approximately $3.0 million, equal to approximately $0.04 per share, net of taxes, in connection with its pending acquisition of Donna Karan.

It however, does not reflect the significant additional expenses related to this acquisition that the company expects to incur in the second half of the fiscal or the impact of the issuance of new G-III common stock. (AR)

Fibre2Fashion News Desk – India

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