For the fiscal year ended January 31, 2013, G-III reported net sales increased by 14% to $1.40 billion from $1.23 billion last year. The Company's net income was $56.9 million, or $2.80 per diluted share, compared to net income of $49.6 million, or $2.46 per diluted share, in the prior year.
On an adjusted basis, excluding expenses associated with the Company's acquisition of Vilebrequin, Non-GAAP net income per diluted share for the year was $2.92. For the fiscal year ended January 31, 2013, adjusted EBITDA increased 23% to $114.0 million from $92.4 million in the prior fiscal year.
Reconciliations of GAAP net income per share to Non-GAAP net income per share and of GAAP net income to adjusted EBITDA are presented in tables accompanying the condensed financial statements included in this release.
The Non-GAAP net income per share and adjusted EBITDA for the full fiscal year reflect an adjustment to exclude the expenses and integration costs associated with the Vilebrequin acquisition. Non-GAAP net income per share and adjusted EBITDA should be evaluated in light of the Company's financial results prepared in accordance with GAAP.
For the three-month period ended January 31, 2013, G-III reported net sales increased by 28% to $375.3 million from $294.3 million during the comparable period last year. Net income per diluted share was $0.40 compared to $0.25 for the comparable period last year. On an adjusted basis, excluding expenses associated with the Company's acquisition of Vilebrequin, Non-GAAP net income per diluted share for the fourth quarter was $0.41.
Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, "We are pleased to have finished our year with a good fourth quarter and, more importantly, to be well positioned for the current year.
"We continue to see strength in many areas of our business, including sportswear, dresses, suits, team sports and handbags, as well as our Wilsons Leather stores. We are presently executing on our long-term Vilebrequin strategic plan. We have made significant investments in this business and will continue to do so over the next several years. I am extremely confident in Vilebrequin's prospects."
Mr. Goldfarb concluded, "We continue to plan for sales and profit growth. Over the long term, we will drive value to our partners, customers and shareholders through our continued diversification and expansion."
Also today, G-III Apparel Group issued guidance for the fiscal year ending January 31, 2014. For fiscal 2014, the Company is forecasting net sales of approximately $1.55 billion and net income between $64.3 million and $66.4 million, or between $3.10 and $3.20 per diluted share. The Company is projecting adjusted EBITDA for fiscal 2014 to increase approximately 11% to 14% to between approximately $126.5 million and $129.5 million.
The Company is forecasting net sales of approximately $270.0 million for its first fiscal quarter ending April 30, 2013 and a net loss between $600,000 and $1.5 million, or between $0.03 and $0.07 per share, compared to net sales of $229.4 million and a net loss of $847,000, or $0.04 per share, in last year's first fiscal quarter.
G-III Apparel Group
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