For the quarter ended April 30, 2013, G-III reported that net sales increased by 19% to $272.6 million from $229.4 million in the year-ago period. The Company's net income for the first quarter was $1.1 million, or $0.05 per diluted share, compared to a net loss of $847,000, or $0.04 per share, in the prior year's comparable period.
Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, "Our increase in first quarter revenue was driven by a variety of businesses and by the inclusion of sales from Vilebrequin which was acquired in August 2012. We saw a strong performance across a broad range of categories, particularly with respect to a number of our Calvin Klein products, and from our growing retail operations which produced double-digit comparable store sales increases in the quarter."
Mr. Goldfarb concluded, "Current booking activity and sell-through rates, as well as positive feedback from our retail customers on our upcoming merchandise programs, give us increased confidence in our full year outlook. As the year progresses, we expect to continue to increase penetration with respect to several of our important categories, including women's sportswear, dresses, suits and handbags.
"We also are looking forward to some important brand expansions, including the launches of our Ivanka Trump collection, Calvin Klein men's and women's swimwear and a new line of women's status swimwear under our Vilebrequin brand. Our strategic and diversified approach to growth encompasses multiple brands, both genders and several tiers of retail distribution."
The Company revised its prior guidance for the full fiscal 2014 year ending January 31, 2014. The Company is now forecasting net sales of approximately $1.57 billion and net income between $66.3 million and $68.4 million, or a range between $3.20 and $3.30 per diluted share, compared to its previous guidance of net sales of approximately $1.55 billion and net income between $64.3 million and $66.4 million, or a range between $3.10 and $3.20 per diluted share.
For the fiscal year ended January 31, 2013, net sales were $1.40 billion and net income was $56.9 million, or $2.80 per diluted share. Net income per diluted share for fiscal 2013 included the effect of expenses and integration costs, net of taxes, associated with the Vilebrequin acquisition equal to $0.12 per share.
The Company is now projecting adjusted EBITDA for fiscal 2014 to increase between 14% and 17%, to between approximately $129.5 million and $132.8 million as compared to its previous guidance of between $126.5 million and $129.5 million.
For its second fiscal quarter ending July 31, 2013, the Company is forecasting net sales of approximately $287.0 million compared to $251.5 million in the comparable quarter last year.
The Company is also forecasting net income for the second fiscal quarter between $1.1 million and $2.1 million, or between $0.06 and $0.10 per diluted share, compared to net income of $1.4 million, or $0.07 per diluted share, in last year's second quarter. Net income per diluted share for last year's second fiscal quarter included the effect of expenses, net of taxes, associated with the Vilebrequin acquisition equal to $0.06 per share.
G-III Apparel Group
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