News Flash

G-lll Apparel Group net sales boost by 24.1% to $54.5mn

09 Sep '05

2 min read

Leather and non-leather apparel designing, manufacturing & marketing company G-III Apparel Group Ltd (GIII) announced operating results for the second quarter of fiscal 2006.

For the three-month period ended July 31, 2005, G-III reported net sales of $54.6 million and a net loss of $301,000, or $0.04 per share, compared to net sales of $44.0 million and a net loss of $1.7 million, or $0.23 per share, during the comparable period last year. For the six-month period ended July 31, 2005, G-III reported net sales of $68.3 million and a net loss of $5.0 million, or $0.68 per share, compared to net sales of $60.5 million and a net loss of $6.5 million, or $0.91 per share, during the comparable period last year.

The Company's results of operations for three and six months ended July 31, 2005 include the results of the Company's new Marvin Richards and Winlit divisions from July 11, 2005, the date the Company acquired the stock of Marvin Richards and certain assets from Winlit.

The prior year's second quarter and six-month results include a non-cash charge of $882,000, equal to $0.12 per share, associated with the Company's sale of its joint venture interest in a factory in China.

G-III Apparel Group issued guidance for the fiscal year ending January 31, 2006. For the fiscal year ending January 31, 2006, the Company is forecasting net sales in the range of $330 to $340 million and diluted net income per share between $.95 and $1.00.

The Company will conduct a conference call today at 4:30 p.m. ET. While the question-and-answer session of the call will be limited to institutional investors and analysts, retail brokers and individual investors are invited to listen to a live webcast at www.viavid.net. The G-III webcast can be accessed via the "events" section of the site.

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