G-III outerwear Bu performs well during retail selling season
08 Dec '06
2 min read
G-III Apparel Group Ltd announced operating results for the third quarter of fiscal 2007.
FY07 Earnings Guidance Increased to Range of $0.90 to $0.95 Per Share Compared to FY06 Performance of $0.58 Per Share
For the three-month period ended October 31, 2006, G-III reported that net sales increased by 31.1% to $244.7 million, net income increased by 57.0% to $23.3 million and net income per diluted share increased by 38.3% to $1.59.
This compares to net sales of $186.6 million, net income of $14.8 million and net income per diluted share of $1.15 during the comparable period last year.
For the nine-month period ended October 31, 2006, G-III reported net sales of $328.2 million, net income of $12.7 million and net income per diluted share of $0.93, compared to net sales of $254.9 million, net income of $9.8 million and net income per diluted share of $0.82 during the comparable period last year.
The three and nine-month results this year include the reversal of tax reserves of approximately $970,000, or $0.07 per diluted share, as a result of a recently concluded tax audit.
The three and nine-month results of the prior year include an after-tax non-cash compensation charge of approximately $920,000, or $0.07 per share, related to the vesting of restricted shares of common stock that had been previously granted to key management.
All share and per share data in this release have been retroactively adjusted for the Company's three for two stock split effective March 28, 2006.