"Our wholesale business continues its strong growth and demonstrates the power of our brand portfolio to transcend a difficult market environment and retain a leadership position as one of the most high-performing vendors for our retail customers. Offsetting our strong wholesale performance were the previously forecasted losses with respect to our own retail stores and the development of the Donna Karan business," said Morris Goldfarb, G-III chairman and chief executive officer, said.
The company reported a net loss for the first quarter of $10.4 million, or $(0.21) loss per share, compared to net income of $2.8 million, or $0.06 per diluted share, in the prior year’s comparable period.
"We are reducing operating costs in our retail business, closing and repurposing stores and enhancing our store product offerings, all which are intended to help us significantly reduce the losses in our retail operations," said Goldfarb.
For fiscal 2018, the company’s forecast includes Donna Karan-related transitional expenses of $7 million and non-cash imputed interest expense of $6 million. On an adjusted basis, excluding transitional expenses and imputed interest expense, the company is expecting non-GAAP net income between approximately $60 million and $65 million, or between $1.20 and $1.30 per diluted share.
"We are approaching an inflection point for the Donna Karan business where our efforts are expected to yield profitable results for this business in the second half of this fiscal year. Overall, we believe that we are in a renewed position to drive higher levels of growth, investment returns and value to customers, consumers and shareholders," added Goldfarb. (RR)
Fibre2Fashion News Desk – India
| On 12th Apr 2021
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