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Wholesale drives FY15 sales 23% at G-III Apparel Group
26
Mar '15
Driven by its wholesale business, for the fiscal year ended January 31, 2015, net sales at apparel marketer and NASDAQ listed G-III Apparel Group surged 23 per cent year over year.

Net sales for the fiscal year ended January 31, 2015 drove up 23 per cent to $2.12 billion from $1.72 billion in the prior fiscal.

“The full year sales growth was driven by strong performances from the Company’s wholesale businesses, as well as by the retail sales of the G.H. Bass & Co. business,” G-III Apparel said in a press release.

The Company reported GAAP net income for the fiscal year ended January 31, 2015, of $110.4 million, or $4.97 per diluted share, compared to $77.4 million, or $3.71 per diluted share, in the previous fiscal.

On an adjusted basis, excluding items resulting in other income in the 2015 fiscal, non-GAAP net income per diluted share for too surged 21 per cent to $4.54 from $3.74 in the 2014 fiscal.

For the reporting fiscal, adjusted EBITDA increased by 27 per cent to $186.6 million from $146.5 million in the fiscal year ending January 31, 2014.

For the fourth quarter ended January 31, 2015, G-III reported that net sales rose by 9 per cent to $514.3 million as against $472.8 million in the fourth quarter last fiscal.

“Here too, sales were driven by broad strengths in the Company’s wholesale and retail businesses,” G-III Apparel added.

Fourth quarter of fiscal 2015, net income per diluted share too grew massively by 55 per cent to $0.96 per diluted share from $0.62 per diluted share in the fourth quarter of the prior fiscal.

On an adjusted basis, excluding expenses equal to $0.02 per share, net of taxes, non-GAAP net income per diluted share too hiked steeply by 58 per cent year over year to $0.98 per diluted share.

CEO Morris Goldfarb said, “We drove strong performances across our portfolio of businesses, solidified our market position, and successfully executed across a range of strategic initiatives.”

Goldfarb added, “We will continue on our strategic path, which incorporates a combination of organic and acquisition-related growth.”

“Our overall strategy is designed to drive continued growth and support our ability to consistently deliver superior levels of value to our shareholders,” he observed.

For fiscal 2016, the Company is forecasting net sales of approximately $2.37 billion and net income between $116 million and $122 million, or between $5.05 and $5.25 per diluted share.

The apparel marketer also projected adjusted EBITDA for fiscal 2016 to be between $214 million and $224 million. (AR)

Fibre2fashion News Desk - India

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