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G-III Apparel net sales up 3.6% to $633.6 mn in Q1 FY2020

07
Jun '19
Pic: GIII Apparel
Pic: GIII Apparel
Net sales of G-III Apparel group for Q1 FY2020 ending April 30, 2019, increased 3.6 per cent to $633.6 million from $611.7 million in the same period last year. G-III designs, sources and markets apparel and accessories under owned, licensed and private label brands. G-III’s owned brands include DKNY, Donna Karan, Vilebrequin, G. H. Bass etc.

“We are pleased to have reported first quarter net income per diluted share that was at the high end of our expectations. Our results were once again fueled by strong performance in our wholesale business led by our five global power brands DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld,” said Morris Goldfarb, G-III’s chairman and chief executive officer in a company press release. “We know disruption in the retail industry has never been greater, but we remain confident in our ability to adapt to unique challenges. We are well positioned for a solid year and I am confident we are poised to achieve significant growth over the next several years.”

For fiscal 2020, the company is forecasting net sales of approximately $3.28 billion and net income between $163 million and $168 million.

For the second fiscal quarter ending July 31, 2020, the company is forecasting net sales of approximately $660 million and net income between $8-13 million. This forecast compares to net sales of $624.7 million and net income of $10.1 million, reported in the second quarter of fiscal 2019. (PC)

Fibre2Fashion News Desk – India


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