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G-III Apparel Group reports Q1 FY21 sales of $405 mn

05
Jun '20
Pic: G-III Apparel Group/ Cole Haan
Pic: G-III Apparel Group/ Cole Haan
G-III Apparel Group Ltd, a designer and marketer of apparel and accessories, posted 36.1 per cent sales decline to $405.1 million in first quarter (Q1) FY21 ended on April 30, 2020 compared to sales of $633.6 million in same period prior year. Net loss for the quarter were $39.3 million compared to net income of $12.0 million in Q1 FY20.
 
Gross profit for the quarter dropped to $124.4 million (Q1 FY20: $236.0 million). Selling, general and administrative expenses were $154.6 million ($201.8 million). Operating loss for Q1 FY21 were $43.2 million compared to operating profit of $25.5 million in Q1 FY20.
 
“These are challenging times for so many throughout our industry and country. G-III is an adaptive and agile organisation with an entrepreneurial culture that keeps us flexible,” Morris Goldfarb, G-III’s chairman and chief executive officer, said in a press release.
 
Our wholesale segment ended fiscal year 2020 with over $2.86 billion in annual net sales. We have a great base to build upon and, along with a more streamlined retail operation, will create a strong foundation for our future.”

Fibre2Fashion News Desk (JL)


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