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Sales up 9.4% at G-III Apparel Group in Q2 FY'12

05
Sep '12
G-III Apparel Group Ltd. announced operating results for the second quarter of fiscal 2013.

For the quarter ended July 31, 2012, G-III reported that net sales increased by 9.4% to $251.5 million from $230.0 million in the year-ago period.

The Company's net income for the second quarter was $1.4 million, or $0.07 per diluted share, compared to net income of $1.6 million, or $0.08 per diluted share, in the prior year's comparable period.

On an adjusted basis, excluding expenses associated with the Company's acquisition of Vilebrequin, non-GAAP net income per diluted share for the second quarter was $0.13. A reconciliation of GAAP net income per share to non-GAAP net income per share is presented in a table accompanying the condensed financial statements included in this release.

Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, "This was an excellent second quarter. We have exceeded our short-term financial goals, built an order book that supports our annual plan, and completed the acquisition of a powerful, global brand in the men's luxury market.

“This combination of financial, operational and strategic progress, along with a strong balance sheet that supports further business development, gives us confidence that we are well positioned to drive superior value to our shareholders both now and well into the future."

Mr. Goldfarb concluded, "At present, we are focused on shipping for our peak Fall selling season, as well as integrating Vilebrequin's operations into our business. We are also off to a good start with our Spring '13 market showings to retailers. We feel very good about our ability to deliver solid profit improvements in both the third and fourth quarter this year over last year."

Outlook

The Company revised its prior guidance for the full fiscal year ending January 31, 2013. The Company is now forecasting net sales of approximately $1.41 billion and net income between $55.2 million and $57.2 million, or a range of $2.68 and $2.78 per diluted share, compared to its previous guidance of net sales of approximately $1.35 billion and net income between $54.0 million and $56.0 million, or a range of $2.62 and $2.72 per diluted share.

The forecasted net income and net income per share for the full fiscal year reflect the expenses of the Vilebrequin acquisition incurred through July 31, 2012, but do not reflect any additional expenses or integration costs related to this acquisition that may be incurred in the second half of the fiscal year.

Non-GAAP net income per diluted share for the full fiscal year is now forecast to range between $2.74 and $2.84. The Company's previous guidance did not include any acquisition or integration expenses.

The Company is now projecting adjusted EBITDA for fiscal 2013 to increase approximately 17% to 21% to between $108.2 million and $111.5 million compared to its previous guidance of between approximately $102.5 million and $106.0 million.


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