Home / Knowledge / News / Apparel/Garments / Net sales climb 12% at apparel marketer G-III in Q2FY16
Net sales climb 12% at apparel marketer G-III in Q2FY16
05
Sep '15
For the fiscal quarter ended July 31, 2015, driven by robust wholesale and retail performance, net sales at apparel marketer G-III climbed 12 per cent over the same period of previous fiscal.

According to a G-III press release, net sales increased 12 per cent for the second quarter of fiscal 2016 to $474 million from $424 million in the fiscal ago period.

The company's net income for the reporting quarter doubled to $12.5 million from $6.2 million in the prior fiscal quarter. Resultantly, net income per diluted share too surged to $0.27 from $0.14.

“All share and per share data in this release have been retroactively adjusted to reflect the two-for-one stock split effective May 1, 2015,” the company explained.

CEO Morris Goldfarb said, “Growth in the quarter was driven by increases in our wholesale segment and an increase in comparable store sales from our G.H. Bass stores.”

“We will continue to implement our highly successful business strategy and are excited to move into the fall and holiday seasons with a strong order book, good sell-through and improved profitability,” he added.

“We believe that our combination of market leading brands, great product and world class execution provide an opportunity to enhance our leadership position,” Goldfarb noted.

Following the good results reported for the second quarter of fiscal 2016, the company revised its prior guidance for the full fiscal ending January 31, 2016.

It is now forecasting net sales of approximately $2.40 billion and net income between $129 million and $134 million, or a range between $2.78 and $2.88 per diluted share.

In its previous guidance, the apparel marketer had projected net sales of approximately $2.40 billion and net income between $123 million and $128 million, or a range between $2.66 and $2.76 per diluted share.

For fiscal 2015, net sales were $2.12 billion and net income was $110.4 million, or $2.48 per diluted share.

On an adjusted basis, excluding items resulting in other income in fiscal 2015 of $0.22 per share, net of taxes, non-GAAP net income per diluted share was $2.26 for the 2015 fiscal.

The company is now projecting adjusted EBITDA for fiscal 2016 to increase between 27 per cent and 31 per cent to between $237 million and $245 million.

This compares with its previous guidance of adjusted EBITDA approximately between $225.0 million and $233.0 million.

For its third fiscal quarter ending October 31, 2015, G-III is forecasting net sales of approximately $920.0 million compared to $812.3 million in the comparable quarter last fiscal.

It also projected net income for the third fiscal quarter at between $83.0 million and $85.3 million, or between $1.78 and $1.83 per diluted share.

G-III is a manufacturer and distributor of outerwear, dresses, sportswear, swimwear, women's suits, women's performance wear, footwear, luggage, women's handbags and small leather goods. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: BekaertDeslee

Textiles | On 23rd Oct 2017

BekaertDeslee to expand North American facility

BekaertDeslee, one of the largest manufacturer of mattress textiles...

Courtesy: A&E

Textiles | On 23rd Oct 2017

A&E unveils Magic using Repreve sewing thread

American & Efird (A&E), a leading developer of industrial and...

Courtesy: Messe Frankfurt

Textiles | On 23rd Oct 2017

Over 4,000 exhibitors attend Intertextile Shanghai 2017

Another successful Intertextile Shanghai Apparel Fabrics has wrapped...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.1%
No
12.7%
Skip
11.3%

Total Votes: 71

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
28.2%
Skip
9.9%

Total Votes: 71

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.9%
No
9.9%
Skip
4.2%

Total Votes: 71

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
76.1%
No
11.3%
Skip
12.7%

Total Votes: 71


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search