G-III Apparel Group FY20 sales rise 2.7% to $3.16 bn

24 Mar '20

2 min read

Pic: G-III Apparel Group

G-III Apparel Group Ltd, a designer and marketer of apparel and accessories, posted 2.7 per cent rise in its net sales to $3.16 billion in fiscal 2020 ended on January 31, 2020 compared to $3.08 billion in the prior year. However, fourth quarter sales fell 1.6 per cent to $754.6 million from $766.8 million in the fourth quarter last year.

Gross profit for the year were $1.11 billion (FY19: $1.10 billion). Selling, general and administrative expenses (SG&A) for the fiscal was 832.18 million compared to $834.76 million last year. Net income over the year increased to $143.83 million from $138.06 million last year.

“The coronavirus outbreak has sent shockwaves through our industry and country. The health and welfare of our associates is of utmost importance to us,” Morris Goldfarb, G-III’s chairman and chief executive officer, said in a press release. “We have closed our retail stores and corporate offices and continue to work remotely or from safe spaces in order to remain operational.”

“We continue towards the restructuring of our retail operations. We are focused on significantly reducing the number of stores we operate and remain committed to substantially reducing the losses from our retail operations as swiftly and efficiently as possible, Goldfarb said.

We reported another year of growth driven by our wholesale segment. We are confident our solid wholesale business, along with a more streamlined retail operation, creates a strong foundation for continued growth.”

Fibre2Fashion News Desk (JL)

More G-III Apparel Group Ltd News... More Apparel/Garments News - United States Of America...