G-III Apparel Group, Ltd. announced operating results for the first quarter of fiscal 2015.
-Net Sales Increase 34% to $366.2 Million
-Results for First Quarter Surpass Guidance and Prior Year with Net Income of $0.06 Per Diluted Share
-Full-Year Guidance Increased on Strong First Quarter and Improved Outlook for Year
For the quarter ended April 30, 2014, G-III reported that net sales increased by 34% to $366.2 million from $272.6 million in the year-ago period. Of this increase, $44.2 million was the result of net sales by the G.H. Bass business that was acquired in November 2013.
The Company's net income for the first quarter was $1.3 million, or $0.06 per diluted share, as compared to $1.1 million, or $0.05 per diluted share in the prior year's comparable period. The results for the first quarter include expenses related to the transition and repositioning of the recently acquired G.H. Bass business.
Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "Our wholesale revenues were strong, exceeding our plan across a number of important categories. We finished the quarter with good momentum, clean inventories and a solid mix of growth opportunities. There were strong performances by a number of our Calvin Klein divisions, Vilebrequin and several of our dress businesses, all of which enabled us to exceed our forecast for the first quarter."
Mr. Goldfarb concluded, "Although our comparable store sales for Wilsons were modestly positive for the quarter overall, we saw an accelerating trend in April. We are pleased with the progress we are making with respect to the integration of G.H. Bass into our operational platform."
The Company revised its prior guidance for the full fiscal 2015 year ending January 31, 2015. The Company is now forecasting net sales of approximately $2.06 billion and net income between $87.9 million and $91.2 million, or a range between $4.05 and $4.20 per diluted share, compared to its previous guidance of net sales of approximately $2.05 billion and net income between $85.2 million and $88.5 million, or a range between $3.95 and $4.10 per diluted share. For the fiscal year ended January 31, 2014, net sales were $1.72 billion and net income was $77.4 million, or $3.71 per diluted share.