G-III Apparel Group, a leading firm in fashion with expertise in design, sourcing, and manufacturing, has reported a slight decline in net sales for the third quarter of fiscal 2024 (Q3 FY24), with figures dropping 1 per cent to $1.07 billion from the previous year's $1.08 billion. Despite the decrease in sales, the company experienced a significant surge in its net income, which stood at $127.6 million, or $2.74 per diluted share. This is a notable increase compared to the $61.1 million, or $1.26 per diluted share, reported in the same quarter of the previous fiscal.

The company also reported its non-GAAP net income per diluted share, which reached $2.78 for the third quarter, against $1.35 in the same period last year. This increase highlights a robust improvement in profitability on an adjusted basis, G-III Apparel said in a press release.

For the fiscal 2024, the company forecasts net sales to be around $3.15 billion, with net income projected to be in the range of $175 million to $180 million, translating to $3.75 to $3.85 per diluted share. This projection marks a recovery from fiscal 2023, where the company reported net sales of $3.23 billion but experienced a net loss of $133.1 million, or $2.79 per share.

Additionally, the company anticipates non-GAAP net income for fiscal 2024 to be between $182 million and $187 million, or $3.90 to $4.00 per diluted share. This expectation is an improvement from the non-GAAP net income of $138.8 million, or $2.85 per diluted share, in fiscal 2023.

G-III Apparel is projecting an adjusted EBITDA for fiscal 2024 to be in the range of $317 million to $322 million. This forecast is an increase from the $266.1 million in adjusted EBITDA reported in fiscal 2023.

“For the third quarter of fiscal 2024, we delivered strong profitability, well exceeding our earnings per diluted share guidance, driven by strength across our wholesale segment, our prudent inventory management and our financial discipline. Our solid year-to-date results showcase G-III’s ability to successfully navigate challenging market conditions and gives us the confidence to raise our full year earnings per share guidance,” said Morris Goldfarb, G-III’s chairman and chief executive officer.

Fibre2Fashion News Desk (DP)

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