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Net sales of G-III Apparel up 3.1% to $643.9 mn in Q2

06
Sep '19
Pic: GIII Apparel
Pic: GIII Apparel
Net sales for G-III Apparel Group for the second quarter ending July 31, 2019 increased 3.1 per cent to $643.9 million from $624.7 million in same period last year. The company reported GAAP net income for second quarter of $11.1 million, or $0.23 per diluted share, compared to $10.1 million, or $0.20 per diluted share, in the prior year's comparable period.

"We are pleased to report second quarter results that met our expectations and were fuelled by continued outperformance in our wholesale business enabling us to navigate the ever-changing retail landscape. Our well-developed supply chain has enabled us to significantly expand our sourcing base throughout the world; we still see substantial opportunities for continued diversification. These capabilities, along with long-standing strong vendor relationships, have helped us mitigate some of the tariff headwinds. However, based on the additional tariffs that were just implemented, we feel it is prudent to revise our guidance to a more conservative posture for the remainder of this fiscal year," said Morris Goldfarb, G-III’s chairman and chief executive officer in a company press release.

"Our formula for success includes having a portfolio of brands that are in demand and deliver high quality, well-designed, competitively priced products that elevate our position as a supplier-of-choice. Through solid execution, we remain poised to drive significant long-term sales and profit growth," said Goldfarb.

For fiscal 2020, the company is now forecasting net sales of approximately $3.30 billion and net income between $154-$159 million, or between $3.10 and $3.20 per diluted share. This compares to net sales of approximately $3.08 billion and net income of $138.1 million, or $2.75 per diluted share for fiscal 2019.

The company is projecting full-year adjusted EBITDA for fiscal 2020 between $295 million and $300 million compared to adjusted EBITDA of $269.4 million in fiscal 2019.

For the third fiscal quarter ending October 31, 2019, the company is forecasting net sales of approximately $1.17 billion and net income between $90.0 million and $95.0 million, or between $1.85 and $1.95 per diluted share. This forecast compares to net sales of $1.07 billion and net income of $94.0 million, or $1.86 per diluted share, reported in the third quarter of fiscal 2019. (PC)

Fibre2Fashion News Desk – India


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