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G-III Apparel posts Q4 & full year fiscal 2010 results
26
Mar '10
G-III Apparel Group Ltd announced operating results for the fourth quarter and full-year of fiscal 2010.

For the fiscal year ended January 31, 2010, G-III reported net sales increased by 12.6% to $800.9 million from $711.1 million last year. Net income per diluted share was $1.83 compared to a net loss per diluted share of $0.85 last year. The Company noted that the current year's fourth quarter results included a one-time tax benefit related to an increase in an acquired net operating loss of $1.6 million, or $0.09 per share. The prior year's fourth quarter results included non-cash charges for the impairment of goodwill and trademarks of $33.5 million on a pre-tax basis, equal to $1.69 per share on an after-tax basis. Excluding the effects of the tax benefit this year and the non-cash charges last year, adjusted net income per diluted share was $1.74 for the fiscal year ended January 31, 2010 compared to $0.84 last year.

For the three-month period ended January 31, 2010, G-III reported that net sales increased by 13.6% to $193.8 million from $170.7 million during the comparable period last year. Net income per diluted share was $0.49 compared to a net loss per share of $1.93 for the comparable period last year. Excluding the effects of the tax benefit this year and the non-cash charges for the impairment of goodwill and trademarks during the fourth quarter last year, adjusted net income per diluted share was $0.40 for the three months ended January 31, 2010 compared to an adjusted net loss per share of $0.23 in the comparable period last year.

Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, “We had a strong fourth quarter and finished the year with good momentum heading into spring. The net proceeds of almost $35 million that we received as a result of a public offering of our shares in December 2009 further strengthened our financial position. Over the course of the year, we made substantial progress toward our overall goal of building our Company into an all season diversified apparel company. We are achieving a strategic balance of powerful licenses, company-owned brands and private label programs by consistently executing well and adding value to our customers.”

Mr. Goldfarb continued, “We have built a solid infrastructure for outerwear, dresses and now sportswear. Our order bookindicates that our momentum is intact in the short term as we develop significant long-term opportunities. Our Wilson's retail outlet business is now positioned for profitability. We expect to continue to grow our business organically and to augment that growth with strategic acquisitions when the right opportunities present themselves. We believe that the combination of these efforts will lead to a sustained ability to create value for our customers and for our shareholders.”

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