G-III Apparel Group Ltd announced operating results for the fourth quarter and full-year of fiscal 2011.
For the fiscal year ended January 31, 2011, G-III reported that net sales increased by 32.8% to $1.06 billion from $800.9 million last year. Net income per diluted share increased to $2.88 from $1.83 last year. The prior 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, equal to $0.09 per share. Excluding the effects of this tax item from last year's results, net income per diluted share increased to $2.88 for the fiscal year ended January 31, 2011 from adjusted net income per share of $1.74 last year.
For the three-month period ended January 31, 2011, G-III reported net sales increased by 39.4% to $270.2 million from $193.8 million during the comparable period last year. Net income per diluted share increased to $0.62 from $0.49 for the comparable period last year. Excluding the effect of the tax item in the prior period, net income per diluted share increased to $0.62 for the three months ended January 31, 2011 from adjusted net income per diluted share of $0.40 in the comparable period last year.
For the fiscal year ended January 31, 2011, EBITDA increased by 66.7% to $102.7 million from $61.6 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.
Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, "We are very pleased to have delivered a record breaking performance this year, surpassing the $1 billion sales mark for the first time in our history. Our businesses are operating well and achieving growth despite a highly competitive and complex environment, which we believe to be indicative of our superior operating capabilities."
Mr. Goldfarb continued, "Our reputation as a strong partner and our growing portfolio of exceptional licensed and owned brands has enabled us to leverage our relationships to create and capitalize on new opportunities. In the year ahead, we believe we can grow our existing businesses, supplement them with new category growth in handbags and luggage, expand our retail business to include the Vince Camuto outlet concept and continue to seek acquisition opportunities. We believe that we remain exceptionally well positioned to deliver value to all of our stakeholders, including our shareholders, partners, customers and consumers."
Outlook
G-III Apparel Group issued guidance for the fiscal year ending January 31, 2012. For the fiscal year ending January 31, 2012, the Company is forecasting net sales of approximately $1.2 billion and net income between $64.5 million and $66.5 million, or between $3.15 and $3.25 per diluted share. The Company is projecting EBITDA for fiscal 2012 to increase approximately 14% to 18% to approximately $117 million to $121 million.
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