G-III Apparel adjusted EBITDA mounts 29%

26 Mar '14

4 min read

Non-GAAP net income per share and adjusted EBITDA should be evaluated in light of the Company's financial results for the full fiscal 2014 year prepared in accordance with GAAP.Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "Fiscal 2014 was an excellent year. We continued to grow at a fast pace, executed our strategic plan for Vilebrequin, acquired G.H. Bass & Co. and produced both strong sales growth and increased profitability. We are pleased to have performed well throughout the year and finished up fiscal 2014 with record breaking results for sales and earnings."

Mr. Goldfarb concluded, "We continue to create a variety of significant growth opportunities as we build our operating platforms. We believe that this systematic approach to growth and diversification, combined with cost discipline, positions us to continue our strategic expansion, organically and through acquisition, and drives excellent value to our shareholders."

Outlook

Also, G-III Apparel Group issued guidance for the fiscal year ending January 31, 2015. For fiscal 2015, the Company is forecasting net sales of approximately $2.05 billion and net income between $85.2 million and $88.5 million, or between $3.95 and $4.10 per diluted share. The Company is also projecting EBITDA for fiscal 2015 to increase to between $166.3 million and $171.5 million.

For the first fiscal quarter ending April 30, 2014, the Company is forecasting net sales of approximately $346 million and a net loss between $2.0 million and $4.0 million, or between $0.10 and $0.20 per share. This compares to net sales of $272.6 million and net income of $1.1 million, or $0.05 per diluted share, in the first quarter of fiscal 2014. First quarter results will be negatively impacted by the G. H. Bass & Co. acquisition.

G-III Apparel Group

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