Home / Knowledge / News / Apparel/Garments / Core outerwear inventory at G-III Apparel higher than last year
Core outerwear inventory at G-III Apparel higher than last year
01
Apr '09
G-III Apparel Group Ltd announced operating results for the fourth quarter and full-year of fiscal 2009.

For the fiscal year ended January 31, 2009, G-III reported net sales increased by 37.1% to $711.1 million from $518.9 million last year. The Company recorded non-cash charges for the impairment of goodwill and trademarks during the fourth quarter of $33.5 million on a pre-tax basis, equal to $1.69 per share on an after-tax basis. As a result, we reported a net loss per share on a GAAP basis of $0.85 compared to net income per diluted share of $1.05 last year. These non-cash charges do not impact the Company's business operations, cash flows or compliance with the financial covenants in its credit agreement.

Adjusted net income per diluted share for the year, excluding these impairment charges, was $0.84 compared to adjusted net income per diluted share of $1.14 in the prior year. Prior year adjusted net income excludes the effects of three different non-recurring items: (i) a $3.0 million pre-tax charge in cost of sales, equal to $0.11 per diluted share on an after-tax basis, to reflect losses with respect to vendor financing that the Company guaranteed; (ii) a $720,000 pre-tax charge in cost of sales, equal to $0.03 per diluted share on an after-tax basis, related to the termination of a license agreement; and (iii) a pre-tax gain of $860,000, included in selling general and administrative costs , equal to $0.05 per diluted share on an after-tax basis, related to the reversal of an accrued expense reserve which was originally recorded in connection with the close down of our Indonesian facility.

For the three-month period ended January 31, 2009, G-III reported that net sales increased by 32.6% to $170.7 million from $128.7 million during the comparable period last year. Net loss per share on a GAAP basis was $1.93 compared to net income per diluted share of $0.06 for the comparable period last year.

Excluding the non-cash charge for the impairment of goodwill and trademarks during the fourth quarter, the adjusted net loss per share for the quarter was $0.23 compared to adjusted net income per diluted share of $0.15 during the comparable period last year, which excludes the effect of the prior year non-recurring items described above.

For the fiscal year ended January 31, 2009, EBITDA decreased 3.2% to $36.6 million from $37.8 million in the prior fiscal year. EBITDA should be evaluated in light of the Company's financial results prepared in accordance with GAAP. A reconciliation of EBITDA to net income in accordance with GAAP is included in a table accompanying the condensed financial statements in this release.

The Company reduced its seasonal bank debt outstanding as of the end of the third quarter in line with its plan. Bank debt was reduced by $142 million, leaving $29 million outstanding at January 31, 2009. Inventory at the close of the fiscal year was approximately $117 million compared to the year-ago level of $60 million. The Company noted that of the $57 million increase, an aggregate of $34 million related to inventory for the Wilsons retail outlet business acquired in July 2008 and the Andrew Marc business acquired in February 2008.

Must ReadView All

Apparel/Garments | On 27th Mar 2017

Fynd raises $500K Series A funding from Venture Catalysts

Fynd, an online to offline (O2O) e-commerce fashion marketplace, has...

Apparel/Garments | On 27th Mar 2017

Digital technology to accelerate Indian business growth

Indian business will benefit much by going digital, according to a...

Textiles | On 27th Mar 2017

Raymond to buy 98,000 metres khadi fabric from KVIC

Raymond, leading Indian fashion retailer, has ordered 98,000 metres...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Jay Ramrakhiani
Occasions Elegance Wear

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search