G-III Apparel Group Ltd announced operating results for the period ended July 31, 2008.
For the three months ended July 31, 2008, net sales increased by 35% to $113.5 million from $83.9 million last year. The Company reported a net loss of $3.9 million, or $0.23 per share, for the three months ended July 31, 2008, compared to a net loss of $884,000, or $0.05 per share, in the same period last year. The Company noted that the increase in the net loss for the period compared to last year was primarily the result of the seasonal losses of the recently acquired Andrew Marc businesses and Wilsons outlet retail chain.
Morris Goldfarb, Chairman and Chief Executive Officer, said, "We are pleased to have concluded another good quarter with record second quarter net sales combined with continued strategic development. We have made significant progress in integrating the Andrew Marc businesses acquired in February 2008 and are excited about the Wilsons outlet retail business acquired in July 2008. We believe we are well positioned to realize the benefits of both of these acquisitions in the
upcoming fall and holiday seasons."
Mr. Goldfarb continued, "Our non-outerwear businesses continue to perform at a high level. Our dress business, led by Calvin Klein, continued to post increased sales and profitability. In another important development, we furthered our key strategic partnership with the Calvin Klein organization through our license agreement to design, market and distribute Calvin Klein 'better' women's sportswear.
We expect this year round business to be a meaningful vehicle to grow sales and earnings in the near future and to help offset the seasonality associated with our core outerwear business and newly acquired retail business."
Mr. Goldfarb concluded, "We have booked well for the upcoming fall season and believe we are well positioned for a successful second half. We believe that a combination of strong product, compelling brands and diversified distribution will enable us to meet our objectives, notwithstanding the challenges of today's retail environment."
Outlook:
For the full fiscal year ending January 31, 2009, the Company expects net sales of approximately $730 million, net income in the range of $23.5 million to $24.4 million, and diluted net income per share between $1.35 and $1.40. The Company is also forecasting EBITDA for the fiscal year ending January 31, 2009 to increase approximately 43% to 47% to a range of approximately $54.0 to $55.5 million.
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