G-III Apparel Group, Ltd. announced operating results for the third quarter of fiscal 2014 that ended October 31, 2013.
-Net Sales Increase 23% to a Record $668.7 Million in the Third Quarter
-Non-GAAP Net Income Per Diluted Share Increases 19% to $2.88 in the Third Quarter
-Full Year Non-GAAP Net Income Per Diluted Share Guidance Increases by $0.20 to Between $3.50 and $3.60
For the third quarter ended October 31, 2013, G-III reported that net sales increased by 23% to a record $668.7 million compared to $543.5 million in the year-ago period.
The Company's net income for the third quarter increased by 23% to $59.6 million, or $2.85 per diluted share, compared to net income of $48.3 million, or $2.37 per diluted share, in the prior year's comparable period.
On an adjusted basis, excluding expenses in the quarter ended October 31, 2013 associated with the Company's acquisition of G.H. Bass & Co. and other potential transactions and in the quarter ended October 31, 2012 associated with the acquisition of Vilebrequin, Non-GAAP net income per diluted share for the third quarter increased 19% to $2.88 compared to $2.43 in the prior year's third quarter.
Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "We are pleased to report excellent results in our key third quarter season driven by across-the-board strength in our business. In our wholesale business, great product design, compelling price and value, and a portfolio of strong brands drove our business to record levels of both net sales and net income per share."
Mr. Goldfarb continued, "In our specialty retail business, we continued a powerful comp sales trend in our Wilsons' business and proceeded with our full-priced store test in time for the holiday season. In addition, we acquired G.H. Bass & Co., which is an iconic brand with great potential and a business that should integrate well into our existing retail platform."
Mr. Goldfarb concluded, "We have had consistent growth over the last several years and our opportunities have never had greater scale or wider scope than they do today. Our team and culture have never been stronger. We look forward to the work ahead and to the continuing opportunity we have to create value for our shareholders."