G-III Apparel to raise the profile of Andrew Marc brand
06 Jun '08
3 min read
G-III Apparel Group Ltd announced operating results for the first quarter of fiscal 2009. For the quarter ended April 30, 2008, G-III reported net sales increased to $75.4 million from $35.1 million in the prior comparable period.
The Company's net loss of $0.42 per share for the quarter was the same as in the prior comparable period. The Company traditionally experiences losses in the first quarter of its fiscal year due to the seasonality of its outerwear business. The Company's net sales were higher than forecasted and net loss per share lower than forecasted primarily due to strong sales of dresses.
Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, “We are very pleased with the stronger than expected start for the year. We saw a continuation of the trend toward women's dresses, which we successfully leveraged. We were able to offset the additional seasonal losses resulting from our recent acquisition of the Andrew Marc business with the strong performance of our dress business. The integration of Andrew Marc is proceeding well and we remain excited about its potential in the marketplace.”
Mr. Goldfarb continued, “We are accomplishing our objectives despite a very challenging environment. We are comfortable with the pace of our bookings for the fall season and will focus on delivering high quality product under a wide range of compelling brands.”
Mr. Goldfarb concluded, “We continue to believe that we have an excellent opportunity to grow and, by leveraging the Andrew Marc brand, to enter new categories, including through licensing partnerships. In order to support this opportunity and to raise the profile of the Andrew Marc brand, we believe the timing is appropriate to increase the marketing presence, led by a print media campaign, of the Andrew Marc brand for the upcoming fall season.”
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