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Outerwear & dresses sales boost G-III Q4 earnings
01 Apr '08
4 min read
For the twelve-month period ended January 31, 2008, EBITDA increased 17.0% to $37.8 million from $32.3 million. EBITDA should be evaluated in light of the Company's financial results prepared in accordance with GAAP.
Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, “We had a solid fourth quarter and finished fiscal 2008 on a strong note. We saw good momentum in a number of our businesses, including some of our outerwear fashion brands and also in non-outerwear categories, particularly in our dress businesses. While there is no question that the retail environment has been somewhat challenging and is expected to remain that way, we are pleased with what we have accomplished and with our outlook going forward.”
Mr. Goldfarb continued, “In addition to our financial results, we have made great progress in strategically positioning our business for the future. Our acquisition last month of Andrew Marc provides us with a sought-after luxury brand, an expanded mid-tier presence through the Levi's and Dockers licenses, and opportunities for incremental leverage and economies of scale. Perhaps more importantly, we believe that the Andrew Marc brand is an exceptional one that will prove capable of expansion into a number of additional product categories.”
Mr. Goldfarb concluded, “As we look forward to fiscal 2009, we are excited to continue our transformation to a business that can ultimately be profitable all year-round. Never in our history have we had such financial strength, so many growth opportunities, or the depth of talent and experience that we enjoy at all levels of the organization.”
Outlook:
The Company is forecasting net sales of approximately $60 million for its first fiscal quarter ending April 30, 2008, compared to $35.1 million in last year's first fiscal quarter. The Company is also forecasting a net loss of $7.7 million to $ 8.5 million, or between $0.47 and $0.51 per share, compared to a net loss of $6.4 million, or $0.42 per share, in last year's first fiscal quarter.
The first quarter historically results in seasonal losses and the increase in the forecasted first quarter loss is attributable to our acquisition of Andrew Marc, which experiences seasonality similar to the rest of our business. We expect that the Andrew Marc acquisition will be accretive for the full fiscal year ending January 31, 2009.
Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, “We had a solid fourth quarter and finished fiscal 2008 on a strong note. We saw good momentum in a number of our businesses, including some of our outerwear fashion brands and also in non-outerwear categories, particularly in our dress businesses. While there is no question that the retail environment has been somewhat challenging and is expected to remain that way, we are pleased with what we have accomplished and with our outlook going forward.”
Mr. Goldfarb continued, “In addition to our financial results, we have made great progress in strategically positioning our business for the future. Our acquisition last month of Andrew Marc provides us with a sought-after luxury brand, an expanded mid-tier presence through the Levi's and Dockers licenses, and opportunities for incremental leverage and economies of scale. Perhaps more importantly, we believe that the Andrew Marc brand is an exceptional one that will prove capable of expansion into a number of additional product categories.”
Mr. Goldfarb concluded, “As we look forward to fiscal 2009, we are excited to continue our transformation to a business that can ultimately be profitable all year-round. Never in our history have we had such financial strength, so many growth opportunities, or the depth of talent and experience that we enjoy at all levels of the organization.”
Outlook:
The Company is forecasting net sales of approximately $60 million for its first fiscal quarter ending April 30, 2008, compared to $35.1 million in last year's first fiscal quarter. The Company is also forecasting a net loss of $7.7 million to $ 8.5 million, or between $0.47 and $0.51 per share, compared to a net loss of $6.4 million, or $0.42 per share, in last year's first fiscal quarter.
The first quarter historically results in seasonal losses and the increase in the forecasted first quarter loss is attributable to our acquisition of Andrew Marc, which experiences seasonality similar to the rest of our business. We expect that the Andrew Marc acquisition will be accretive for the full fiscal year ending January 31, 2009.
G-III Apparel Group Ltd
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