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US clothing company G-III Apparel's Q1 FY22 sales grow 28% to $520 mn
08 Jun 21 2 min read
G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 28.3 per cent sales growth to $519.9 million in its first quarter (Q1) FY22 ended on April 30, 2021, compared to the sales of $405.1 million in the corresponding period of previous fiscal. The company’s net income rose to $26.3 million (Q1 FY21: loss $39.3 million).
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“We were pleased with our strong outperformance in the first quarter of this fiscal year. With each passing week, sales for broader lifestyle apparel, such as sportswear, wear-to-work attire and dresses, are accelerating and our overall business in North America is getting stronger. We believe these trends provide a good indication for the remainder of the year and give us confidence that we and our industry are well on our way to recovery,” Morris Goldfarb, G-III’s chairman and chief executive officer, said in a press release.
Gross profit for Q1 FY22 rose to $195.4 million ($124.4 million), while selling, general and administrative expenses were $141.6 million ($154.6 million). The company’s operating profit for the reported period was $46.8 million (operating loss: $43.2 million).
“Reflecting upon the last year and the difficult challenges posed by the global pandemic, it is impressive to see how effectively we navigated through this period, demonstrating the power and diversification of G-III’s business to adapt and succeed in any environment. As the world reopens, we are in a strong financial position, which we believe will allow us to fund our growth domestically and internationally and enable us to take advantage of opportunities that arise,” Goldfarb concluded.
Fibre2Fashion News Desk (JL)
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