Home / Knowledge / News / Apparel/Garments / G-III Apparel Q1FY19 sales climb 16%
G-III Apparel Q1FY19 sales climb 16%
07
Jun '18
Courtesy: G-III Apparel
Courtesy: G-III Apparel
The sales of G-III Apparel Group, a leading manufacturer and distributor of apparel and accessories, for Q1 2019 increased 16 per cent to a total of $611.7 million compared to $529.0 million in the year-ago period. The Company reported net income in Q1 was $9.9 million, compared to a net loss of $10.4 million in the prior year’s comparable period.

Non-GAAP net income per diluted share was $0.22 for the first quarter of this year compared to a non-GAAP net loss of $(0.18) per share in the same period last year. Non-GAAP net income per diluted share and net loss per share excludes The aggregate effect of these exclusions was equal to $0.02 per diluted share in the first quarter this year and $0.03 per diluted share in the first quarter last year.

"We are pleased to have begun the year with a solid quarter across the board. Strong brands, quality product, diversified distribution and great execution continue to be our winning formula. We are excited to see the momentum continue and have increased confidence in our outlook for the remainder of this year. We believe our long-term growth opportunities have never been more compelling and we remain focused on capturing market share, driving growth, improving profitability and creating exceptional value for our shareholders," Morris Goldfarb, G-III’s chairman and chief executive officer, said.

For the second quarter of fiscal 2019 ending July 31, 2018, the company predicts net sales of approximately $590 million and net income or loss between a net loss of $3.5 million and net income of $1.5 million, or between a net loss of $(0.07) per share and net income of $0.03 per diluted share. This forecast compares to net sales of $538.0 million and a net loss of $8.6 million, or ($0.18) per share, reported for the second quarter of fiscal 2018.

The company expects net sales of approximately $2.97 billion and net income between $112 million and $117 million, or between $2.20 and $2.30 per diluted share, for fiscal 2019. The company previously predicted net sales of approximately $2.94 billion and net income between $97 million and $102 million, or between $1.90 and $2.00 per diluted share, for fiscal 2019.

The company is anticipating non-GAAP net income for fiscal 2019 between $116 million and $121 million, or between $2.27 and $2.37 per diluted share compared to our previous guidance of non-GAAP net income for fiscal year 2019 between $101 million and $106 million, or between $1.98 and $2.08 per diluted share. Non-GAAP guidance excludes non-cash imputed interest expense of approximately $5.0 million, or $0.07 per diluted share, related to the note issued to the seller as part of the consideration for the DKI acquisition. (RR)

Fibre2Fashion News Desk – India


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