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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

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