G-III posts Q3, excited about new dress assortment

06 Dec '07
3 min read

G-III Apparel Group Ltd announced operating results for the three and nine month periods ended October 31, 2007.

For the three months ended October 31, 2007, net sales increased by 10.8% to $271.2 million from $244.7 million in the same quarter of last year. Net income for the three months ended October 31, 2007 was $23.8 million, or $1.41 per diluted share, compared to $23.3 million, or $1.59 per diluted share, in the prior year's period.

In calculating net income per diluted share, there were 16,850,000 weighted average shares outstanding during the three months ended October 31, 2007 compared to 14,613,000 weighted average shares outstanding in the prior year's period. The results for the quarter were consistent with the Company's prior expectations and reinforced its confidence in its prior guidance for the full fiscal year ending on January 31, 2008.

For the nine months ended October 31, 2007, net sales increased by 18.9% to $390.2 million from $328.2 million in the same period last year. Net income for the nine months ended October 31, 2007 was $16.4 million, or $0.99 per diluted share, compared to $12.7 million, or $0.93 per diluted share, in the same period last year.

In calculating net income per diluted share, there were 16,524,000 weighted average shares outstanding during the nine months ended October 31, 2007 compared to 13,630,000 weighted average shares outstanding in the same period last year.

Morris Goldfarb, Chairman and Chief Executive Officer, said, “We are pleased with our third quarter and nine month performance. Although our business is increasingly diversified, the outerwear category is still key to our ability to generate strong full-year results. Retail sales of outerwear have begun to accelerate which we believe is due to the onset of cooler seasonal weather patterns.”

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