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Net income soars 72% at G-III Apparel Group in Q2FY15
04
Sep '14
Net income at NASDAQ-listed G-III Apparel Group soared 72.22% from a year ago quarter in the second fiscal quarter ended July 31, 2014.

In the second quarter of 2014, G-III Apparel reported net income of $6.2 million, or $0.29 per diluted share, compared to net income of $3.6 million, or $0.17 per diluted share, in the prior year's comparable period.

Driven by a strong wholesale performance across several categories, net sales too ascended 39% to $424.0 million in the second quarter of 2014 from $304.2 million in the year-ago period.

G-III Apparel said of this increase, $53.6 million was the result of net sales by the G.H. Bass business that was acquired in November 2013.

While releasing second quarter results, G-III Apparel also upwardly revised its prior guidance for the full fiscal year.

It now forecasts net sales of around $2.11 billion and net income between $90.6 million and $93.9 million, compared to its previous guidance of net sales of around $2.06 billion and net income between $87.9 million and $91.2 million.

Morris Goldfarb, G-III's CEO said, "We intend to continue to execute our growth strategy which calls for both organic growth and for acquisitions. Our recent public offering, which added net proceeds of $128.7 million to our balance sheet, is expected to support our growth initiatives.”

“Our presence in several wholesale businesses, including sportswear, dresses, and handbags, continues to provide us with organic growth opportunities, as does our ongoing initiatives to grow our productivity and store count in each of our major specialty retail businesses”, he added. (AR)

Fibre2fashion News Desk - India

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