Home / Knowledge / News / Apparel/Garments / G-III Apparel Q1'FY14 net income boosts 18.1% to $1.3mn
G-III Apparel Q1'FY14 net income boosts 18.1% to $1.3mn
03
Jun '14
G-III Apparel Group, Ltd. announced operating results for the first quarter of fiscal 2015.
 
Highlights: 
-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." 
 
Outlook 
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. 

Must ReadView All

Textiles | On 27th Jul 2016

SGCCI seeks restoration of subsidy under A-TUFS

Powerloom weavers affiliated to the Southern Gujarat Chamber of...

Courtesy: Amazon

Apparel/Garments | On 27th Jul 2016

Amazon plans seventh Texas fulfillment centre in Houston

Online retailer Amazon said it has planned to open a seventh 855,000...

Textiles | On 27th Jul 2016

Kraig Biocraft takes possession of Indiana property

Developer of silk based fibres Kraig Biocraft Laboratories has...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
june 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search