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G-III Apparel Group reports Q1 fiscal 2008 results

07 Jun '07

3 min read

G-III Apparel Group Ltd announced operating results for the first quarter of fiscal 2008.

For the three-month period ended April 30, 2007, G-III reported net sales of $35.1 million and a net loss of $6.4 million, or $0.42 per share, compared to net sales of $14.4 million and a net loss of $8.9 million, or $0.72 per share, during the comparable period last year.

Morris Goldfarb, Chairman and Chief Executive Officer, said, “We are pleased with the results in the first quarter, which start to show the influence of our strategy to build our non-outerwear business. Our sportswear and women's suit and dress categories each contributed to the overall improvement in financial performance."

"With the recently announced asset acquisition of the Jessica Howard, Eliza J. and Industrial Cotton businesses, we believe that we have accelerated our growth opportunities in the dress and junior sportswear areas.”

Mr. Goldfarb concluded, “Our bookings are strong for the important upcoming fall and holiday season with the exception of a decline in our outerwear private label programs which is primarily attributable to one customer."

"Our Calvin Klein businesses are projected to be up in excess of 50% this year. In addition, we are seeing a good reaction to the vast majority of our programs in the mid-tier and better channels of distribution and believe that we are poised to complete another strong year.”

Also, G-III Apparel Group issued guidance for the fiscal year ending January 31, 2008, including the expected impact of the recent asset acquisition. For the fiscal year ending January 31, 2008, the Company is forecasting net sales of approximately $500 million and net income per diluted share between $0.90 and $0.95.

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