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G-III Apparel Group reports Q1 fiscal 2007 results

Jun '06
Apparel company G-III Apparel Group Ltd has announced operating results for the first quarter of fiscal 2007.

For the three-month period ended April 30th 2006, G-III reported net sales of $14.4 million and a net loss of $8.9 million compared to net sales of $13.8 million and a net loss of $4.7 million during the comparable period last year.

As expected, the seasonal loss in the first quarter was higher than last year primarily due to the inclusion of the results of the companies we acquired in July 2005, as well as higher interest expenses and depreciation and amortization costs relating to these acquisitions.

All share and per share data in this release have been retroactively adjusted for the company's three for two stock split effective March 28th 2006.

Morris Goldfarb, G-III's CEO, said, "This was an important quarter for us. We built our order book at a solid pace and continued to execute our new initiatives. We are well positioned for the upcoming fall season and are excited by the broad-based strength evident in our business."

Goldfarb continued, "Our new initiatives include Calvin Klein women's suits and dresses, urban young men's and boy's sportswear under Wal-Mart's Exsto brand and Sean John women's sportswear. With these new initiatives, strength in our existing coat business for Calvin Klein and Sean John, as well as other new private label programs, we continue to make in-roads with key retailers in each tier of distribution. We believe that we are creating growth opportunities in many product categories as we transform our business."

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