US apparel manufacturer G-III Apparel's FY21 sales drop to $2.05 bn

22 Mar '21

2 min read

Pic: G-III Apparel Group/ Donna Karan

G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 35.0 per cent sales decline to $2.05 billion in its fiscal 2021 that ended on January 31 compared to the sales of $3.16 billion in the same period last fiscal. The company’s net income during the year slipped to $23.5 million (FY20: $143.8 million).

“The resiliency and flexibility demonstrated by our high performing teams has been nothing short of amazing. Our entrepreneurial culture, with a merchant led focus, proved to be invaluable as we responded to the casual trend by designing the right merchandise for our retail partners,” Morris Goldfarb, G-III’s chairman and chief executive officer, said in a press release.

Gross profit for FY21 dropped to $744.4 million ($1.1 billion), while selling, general and administrative expenses were $605.1 million ($832.2 million). The company’s operating profit for the year was $3.2 million (operating loss: $1.1 million).

“We enter fiscal year 2022 in a good inventory position, which is weighted toward casual product that remains in high demand. As the year progresses, we believe there will be an increasing desire for dressier apparel and accessories,” Goldfarb said. “We are working closely with our retail and vendor partners to be in a position to bring these products to market in a timely manner. Our strong financial position and liquidity enables us to continue to fund our operations, as well as consider acquisitions.”

Fibre2Fashion News Desk (JL)

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