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G-III Apparel achieves their booking targets
07
Jun '11
G-III Apparel Group, Ltd announced operating results for the first quarter of fiscal 2012.

For the quarter ended April 30, 2011, G-III reported that net sales increased by 28% to $196.9 million from $154.3 million in the year-ago period. The Company's net loss for the first quarter was $0.5 million, or $0.03 per share, compared to a net loss of $1.4 million, or $0.07 per share, in the prior year's comparable period.

Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, “We continue to be pleased with the growth and health of our core businesses and with the handbag and luggage opportunities we have for the upcoming Fall season.”

Mr. Goldfarb continued, “We have achieved our booking targets, built the capability to launch a significant and compelling business in the handbag and luggage categories, and continued to improve our ability to execute more effectively and efficiently through expansion and enhancement of our operating infrastructure.”

Mr. Goldfarb concluded, “We believe that our diversification by category will drive our long-term growth. The development of our business is well supported by a strong balance sheet, strategic partnerships, and a highly capable management team. We look forward to demonstrating our ability to drive value to our stakeholders.”

Outlook

The Company reiterated its prior guidance for the full fiscal year ending January 31, 2012 and continues to forecast net sales of approximately $1.2 billion and net income of between $64.5 million and $66.5 million, or a range of $3.15 and $3.25 per diluted share. The Company also continues to project EBITDA for fiscal 2012 to increase approximately 14% to 18% to approximately $117 million to $121 million. EBITDA should be evaluated in light of the Company's financial results prepared in accordance with US GAAP. A reconciliation of EBITDA to net income in accordance with US GAAP is included in a table accompanying the condensed financial statements in this release.

For its second fiscal quarter ending July 31, 2011, the Company is forecasting net sales of approximately $215 million compared to $189.0 million in the comparable quarter last year. The Company is also forecasting net income for the second fiscal quarter between $3.7 million and $4.5 million, or between $0.18 and $0.22 per diluted share, compared to net income of $3.0 million, or $0.15 per diluted share, in last year's second quarter.

G-III is a leading manufacturer and distributor of outerwear, dresses, sportswear and women's suits, as well as handbags and luggage, under licensed brands, our own brands and private label brands. G-III sells outerwear and dresses under our own Andrew Marc, Marc New York and Marc Moto brands and has licensed these brands to select third parties in certain product categories.

G-III Apparel Group Ltd

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