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G-III Apparel sales up 17.6% in 2018
Mar '18
Courtesy: G-III Apparel
Courtesy: G-III Apparel
The net sales for fiscal 2018 of G-III Apparel Group have increased 17.6 per cent to $2.81 billion from $2.39 billion in the prior year. This includes net sales of around $258 million related to operating DKNY and Donna Karan businesses in 2018 compared to $28 million in net sales from the two months of the prior year that the company owned this business.

For the fourth quarter ended January 31, 2018, net sales grew 18.5 per cent to $715 million from $603 million in the fourth quarter last year. This includes net sales of approximately $85 million related to operating DKI business in the quarter compared to approximately $28 million in sales from the two months of the prior year that the company owned this business. The remainder of the year-over-year increase in net sales in the fourth quarter reflected strength in the company’s wholesale business, including new product launches. These increases were partially offset by declines in net sales of the company’s legacy retail businesses.

"We are pleased to have finished with better results than last year, particularly as a result of our power brands: Calvin Klein, Tommy Hilfiger, DKNY, Donna Karan and Karl Lagerfeld Paris. The strength of these businesses is enabling us to grow profitably despite the pressures of a persistently challenging environment," Morris Goldfarb, G-III’s chairman and chief executive officer, said.

"We are focused on improving the results of our specialty retail operations. In that regard, we continue to implement our strategy to improve productivity and streamline operations. We believe that significant growth in our wholesale businesses should continue to propel us to higher sales and profits over the next several years," Goldfarb added.

For fiscal 2019, the company has forecast 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. The company has anticipated 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 $5.7 million, or $0.08 per diluted share, related to the note issued to the seller as part of the consideration for the DKI acquisition.

There is projection for full-year adjusted EBITDA for fiscal 2019 to be between $218 million and $227 million compared to adjusted EBITDA of $201.3 million in fiscal 2018. For the first fiscal quarter ending April 30, 2018, the company is forecasting net sales of approximately $570 million and a net loss between $2.0 million and $7.0 million, or $(0.04) to $(0.14) per share. This forecast compares to net sales of $529 million and a net loss of $10.4 million, or $(0.21) per share, reported in the first quarter of fiscal 2018. (RR)

Fibre2Fashion News Desk – India

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