American firm G-III Apparel's sales at $3.10 bn in FY24

15 Mar '24

2 min read

PIC: G-III Apparel

Insights

G-III Apparel Group saw a 4 per cent decrease in FY24 sales to $3.10 billion from $3.23 billion the previous year, but net income improved to $176.2 million from a $133.1 million loss.
Non-GAAP net income per diluted share increased to $4.04.
The company's Q4 FY24 sales dropped 10.5 per cent to $764.8 million, yet net income was $28.9 million.

G-III Apparel Group, a leading US-based firm in fashion with expertise in design, has reported a drop in sales by 4 per cent to $3.10 billion in fiscal 2024 (FY24), compared to the previous year's $3.23 billion. Despite this decrease, the company witnessed a turnaround in profitability, reporting a net income of $176.2 million, or $3.75 per diluted share, a stark contrast to the net loss of $133.1 million, or $2.79 per share, seen in the prior year.

On a non-GAAP basis, net income per diluted share improved to $4.04 for FY24, up from $2.85 in the prior fiscal, the company said in a press release.

In the fourth quarter of fiscal 2024 (Q4 FY24), G-III Apparel faced a more pronounced decrease in net sales, with a 10.5 per cent reduction to $764.8 million compared to $854.4 million in the same quarter of the previous year. However, the quarter still ended on a positive note with a net income of $28.9 million, or $0.61 per diluted share, rebounding from a substantial net loss of $261.1 million, or $5.54 per share, in the prior year’s quarter.

The non-GAAP net income per diluted share for the fourth quarter also saw a notable improvement, rising to $0.76 from $0.41 in the corresponding period last year.

“This year was important for G-III as we began to execute on our path for the future, while delivering strong profitability. We delivered strong growth with DKNY, Karl Lagerfeld and Vilebrequin, increasing penetration of our higher margin, owned brands to 47 per cent of fiscal 2024 net sales, up from 40 per cent last year. Our diverse business model and disciplined operating approach has allowed us to further strengthen our credit profile as we ended the year in a net cash position, with over $1 billion in liquidity,” said Morris Goldfarb, G-III’s chairman and chief executive officer.

Fibre2Fashion News Desk (DP)

More G-III Apparel Group Ltd News... More Apparel/Garments News - United States Of America...