The company net income for the third quarter increased to $81.6 million, or $1.65 per diluted share, from $70.6 million, or $1.50 per diluted share, in the prior year’s comparable period.
"We are pleased with our third quarter results which surpassed our plan. We have executed our strategy with well-known brands and compelling product in an environment that remains challenging across our industry. Our products are selling well as we head into the holiday season and we expect to close the year with improved results and sustained momentum," Morris Goldfarb, G-III’s chairman and chief executive officer, said.
For fiscal 2018, the company forecast net sales of approximately $2.80 billion and the net income to be between $66 and $71 million, or between $1.33 and $1.43 per diluted share. It previously projected net income between $56 and $60 million, or between $1.11 and $1.21 per diluted share.
The company forecast for the reported period includes Donna Karan-related transitional expenses of approximately $1.8 million and non-cash imputed interest expense of approximately $5.7 million. On an adjusted basis, excluding transitional and imputed interest expenses, the company now anticipates non-GAAP net income of between approximately $71 and $76 million, or between $1.42 and $1.52 per diluted share. The company’s previous forecast for non-GAAP net income was between approximately $64 and $69 million, or between $1.28 and $1.38 per diluted share.
Full-year adjusted EBITDA for fiscal 2018 is likely to be around $188 and $196 million compared to adjusted EBITDA of $148.1 million in fiscal 2017 and compared to its previous forecast of adjusted EBITDA of between $180 and $188 million. This adjusted EBITDA guidance includes a forecasted full-year operating loss of approximately $16.0 million associated with the Donna Karan business.
"We have a growth strategy that works. We continue to own and align with great brands, control our distribution well, approach every relationship as a partner, and deliver to the consumer a truly outstanding range of product. These commitments have served us well and will continue to illuminate our path to long term success," Goldfarb concluded. (RR)
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