G-III Apparel Group Ltd announced operating results for the period ended July 31, 2007.
For the three months ended July 31, 2007, net sales increased by 21% to $83.9 million from $69.1 million last year. This compares favorably to the Company's prior guidance of approximately $75 million in net sales for the second quarter.
The Company reported a net loss of $884,000, or $0.05 per share, for the three months ended July 31, 2007, compared to a net loss of $1.7 million or $0.14 per share in the same period last year. This performance also compares favorably to the Company's prior guidance of a net loss per share in the range of $0.19 to $0.24.
Morris Goldfarb, Chairman and Chief Executive Officer, said, "We are pleased to have outperformed our financial plan for the second quarter and we are on pace to report strong performance for fiscal 2008. Our suite of licensed fashion outerwear brands has had a very strong booking season led by Calvin Klein, Guess?, Kenneth Cole, and Sean John. We have an excellent mix of brands and, despite a relatively challenging marketplace, we are confident that we will perform well in both our licensed and private label outerwear businesses."
Mr. Goldfarb continued, "Our Calvin Klein dress line continues to be extremely well received by the market. The balance of our other Calvin Klein businesses, which include coats and women's suits, is also having a very good year and will show strong sales and operating profit increases from the prior year. We believe that we are well positioned to continue to attract new licenses and private label programs. We also continue to develop sportswear programs and believe that they will also become meaningful to our business."
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
