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G-III Apparel net sales up 9.6% to $3.08 bn in FY 2019

Mar '19
Pic: GII Apparel
Pic: GII Apparel
Net sales for G-III Apparel Group, a company that sources and markets apparel and accessories, increased by 9.6 per cent to $3.08 billion for the fiscal year ending January 31, 2019 from $2.81 billion in the prior year. For Q4 2019, the company reported record net sales increase by 7.3 per cent to $766.8 million from $714.9 million in Q4 of last year.

“We are pleased to have reported fourth quarter results that capped off a record year for G-III in which we surpassed $3.0 billion in annual net sales and achieved record profits fueled by our five global power brands, DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld. This was also a transformative year for our company as it was the first full year in which products for DKNY and Donna Karan were created and developed by us,” said Morris Goldfarb, G-III’s chairman and chief executive officer, in a company press release.

“In this ever-changing retail landscape, our consistent execution positions us to be a global provider of fashion product. With the current power brands we have today, we believe we can continue to achieve significant organic growth opportunities over the next several years. In addition, the strength of our balance sheet allows us to capitalise on the right acquisition opportunity,” added Goldfarb.

For fiscal 2020 ending January 31, 2020, the company is forecasting net sales of approximately $3.28 billion and net income between $162—$167 million, or between $3.18—$3.28 per diluted share.

For the first fiscal quarter ending April 30, 2019, the company is forecasting net sales of approximately $650 million and net income between $7—$12 million, or between $0.13—$0.23 per diluted share. This forecast compares to net sales of $611.7 million and net income of $9.9 million, or $0.20 per diluted share, reported in the first quarter of fiscal 2019. (PC)

Fibre2Fashion News Desk – India

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