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G-III reports net sales of $13.8mn for Q1 2006

09 Jun '05

3 min read

Leading manufacturer and distributor of outerwear and sportswear under licensed labels, our own labels and private labels G-III Apparel Group Ltd announced operating results for first quarter of fiscal 2006.

For the three-month period ended April 30, 2005, G-III reported net sales of $13.8 million and a net loss of $4.7 million, or $0.64 per share, compared to net sales of $16.5 million and a net loss of $4.8 million, or $0.68 per share, during the comparable period last year.

Morris Goldfarb, G-III's Chief Executive Officer, said, "Our seasonal loss was in line with our expectations and we believe we are well-positioned for a successful fall retailing season. While it remains somewhat premature to quantify our expectations for the second half of the year, I am pleased to note that our order book increase exceeds 15% compared to this same time last year. Further, the strength within our order book is broad-based and cuts across several of our tiers of distribution."

Mr. Goldfarb continued, "We are especially pleased to continue to make in-roads with several key mid-tier and moderate retailers with both private label and licensed programs. Further, our newer programs are developing well. In addition to the expansion in our business with Kenneth Cole as a result of acquiring the men's license, we are seeing good performance from Izod, Cece Cord, and the Black Rivet men's business."

Mr. Goldfarb concluded, "We believe that as the retail industry continues to consolidate, our capabilities and broad portfolio of brands has given us a strong position in the outerwear category. We remain committed to leveraging this position by acquiring new licenses and brands, as well as developing our company-owned brands. We believe we are in an excellent position to provide significant value to our shareholders as we move forward."

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