Home / Knowledge / News / Apparel/Garments / G-III's retail outlet store business improves

G-III's retail outlet store business improves

09
Dec '10
G-III Apparel Group Ltd announced operating results for the third quarter of fiscal 2011 that ended October 31, 2010.

The Company reported that, for the three months ended October 31, 2010, net sales increased by 23.8% to $450.0 million from $363.5 million in the third quarter last year. This growth resulted from broad-based strength in the Company's business which included strong sales growth in outerwear, dresses, suits and sportswear, as well as an improved performance from the Company's retail outlet store business.

Net income for the third quarter of fiscal 2011 grew by 32.2% to $42.7 million compared to $32.3 million in the prior year's quarter. Net income per diluted share grew by 15.5% to $2.16 per diluted share from $1.87 per diluted share in the year-ago quarter. The Company noted that it had 19.8 million weighted shares outstanding for the quarter compared to 17.2 million weighted shares outstanding for the third quarter last year.

Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, “Our diversification has resulted in strong growth and continued expansion of our opportunities. We have executed well and produced record results for sales and earnings in the third quarter.”

Mr. Goldfarb concluded, “As we look ahead to next year, we are excited about several new initiatives, including the launch of our handbag and luggage business with Calvin Klein, the ongoing development of our own Andrew Marc, Marc New York and Marc Moto lifestyle brands, the continued expansion of licensed properties in our dress business, and the roll-out of our jointly operated Vince Camuto retail stores. Additionally, we believe that our strong balance sheet will enable us to pursue new opportunities for growth. We believe that G-III is well positioned to create significant and sustained value for our shareholders.”

Outlook
For the fiscal year ending January 31, 2011, the Company has revised its guidance and now expects net sales of approximately $1.050 billion, compared to its prior guidance of net sales of approximately $1.025 billion, net income in the range of $54.3 million to $56.3 million, compared to its prior guidance of net income in the range of $52.0 million to $54.0 million, and diluted net income per share between $2.73 and $2.83, compared to its prior guidance of diluted net income per share between $2.60 and $2.70.

The Company is also now forecasting EBITDA for the fiscal year ending January 31, 2011 to increase approximately 61% to 66% from fiscal 2010 to a range of approximately $99.1 million to $102.3 million compared to its prior guidance of EBITDA in the range of $96.3 million to $99.3 million. EBITDA should be evaluated in light of the Company's financial results prepared in accordance with US GAAP.

G-III Apparel Group Ltd


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 21st Feb 2020

France unveils environment score system for apparel

France has launched a system under which apparel may now display a...

Pic: Asia Pacific Rayon

Textiles | On 21st Feb 2020

APR’s new viscose rayon production facility inaugurated

The president of Indonesia, Joko Widodo, has inaugurated Indonesia's...

Pic: II.studio / Shutterstock.com

Fashion | On 21st Feb 2020

Re-commerce gaining momentum in India

The hazards of fashion industry are well-known, and to curb its...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

The new deal is better than NAFTA for the US textile industry

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Top executives, Textile industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

John Elmuccio,

John Elmuccio

Evolution St Louis is a company setting up a high-tech knitting facility...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search