United States Of America : G-III Apparel's net sales up 5.64% in Q1 FY17

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G-III Apparel's net sales up 5.64% in Q1 FY17

02
Jun '16

Apparel and accessories brands G-III Apparel reported a rise of 5.64 per cent in net sales in the first quarter of fiscal 2017, ended April 30, 2016, to $457.40 million as compared to $432.96 million in the corresponding quarter last fiscal.

However, the company's net income fell by 59.008 per cent during the quarter to $2.77 million as compared to $6.76 million in the previous quarter.

Diluted earnings per share stood at $0.15 in Q1 of FY17 as compared to $0.06 in the corresponding quarter last fiscal.

“Fiscal 2017 got off to a strong start in our wholesale business, particularly with respect to our Calvin Klein products and our dress businesses including Eliza J and the newly launched Tommy Hilfiger dress line,” Morris Goldfarb, chairman, CEO and president of G-III said.

“Although our own retail businesses did not perform to plan, we expect many of the measures we are taking to improve top and bottom line performance for these businesses in the second half of the year,” he said.

“In spite of the challenging retail climate, we are positioned well to continue to build our wholesale business, and remain confident with respect to our financial performance and forecast for the full year,” he added.

The company continues to expect net sales of approximately $2.56 billion and net income between $120 million and $125 million, or a range between $2.55 and $2.65 per diluted share for the full fiscal. (MCJ)

Fibre2Fashion News Desk - India

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