For the third quarter ended October 31, 2012, G-III reported that net sales increased by 6.6% to $543.5 million from $510.0 million in the year-ago period.
The Company’s net income for the third quarter was $48.3 million, or $2.37 per diluted share, compared to net income of $43.6 million, or $2.16 per diluted share, in the prior year’s comparable period.
On an adjusted basis, excluding expenses associated with the Company’s acquisition of Vilebrequin, Non-GAAP net income per diluted share for the third quarter was $2.43. A reconciliation of GAAP net income per share to Non-GAAP net income per share is presented in a table accompanying the condensed financial statements included in this release.
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We are very pleased to have reported a strong quarter. Even though the hurricane in New York caused an interruption of shipping during our peak days this quarter, we were still able to exceed our earnings targets as a result of realizing higher gross margins. We remain confident in our ability to achieve our forecasts for the year.”
Mr. Goldfarb continued, “We are growing through improved penetration and door expansion. We are also excited to continue to reinforce our growth through acquisitions. Vilebrequin is an exceptional global status resort brand that we expect to grow beyond its leadership position in the status men’s swim and resort market into a true lifestyle brand.”
Mr. Goldfarb concluded, “We have the operating platform, financial capability, strategic relationships and vision to continue to build and diversify our company and the brands with which we are entrusted. In the process, we expect to generate superior returns for our shareholders.
"We believe we are positioned well for the short-term and are focused on delivering strong results for this fiscal year and years to come. We are executing our strategy for long-term development that is designed to deliver long-term growth in shareholder value, continued diversification and increased profitability.”
G-III Apparel Group
Apparel/Garments | On 26th Jun 2017
E-commerce operators and TDS (tax deducted at source) deductors can...
Textiles | On 26th Jun 2017
The Tiruppur Exporters' Association (TEA) has again urged Union...
Textiles | On 26th Jun 2017
The export promotion schemes will continue under GST regime, said...
The S Studio
Ethnicwear market will see an upward trend if uniqueness and quality are...
Every fifth sale we make on Zapyle is a repeat purchase
Md Hanifur Rahman
The level of understanding the job role and organisational requirements...
Bombay Textile Research Association
Bombay Textile Research Association (BTRA) is a leading name in textile...
Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...
Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...
Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...
"You have to truly understand what your client wants, know her needs, what ...
Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...