G-III Apparel Group raises full year forecast

G-III Apparel Group, Ltd. said net sales for the third quarter ended October 31, 2021 increased 22.8 percent to 1.02 billion dollars. The company reported net income of 106.7 million dollars or 2.16 dollars per diluted share compared to 63.2 million dollars or 1.29 dollars per diluted share, in the prior year’s quarter.

Commenting on the company’s results, Morris Goldfarb, G-III’s chairman and chief executive officer, said in a release: “The strong momentum in our business in the first half continues, as we delivered outstanding third quarter results with both top and bottom line exceeding our guidance. Given the strong demand we are seeing across our brands, we are well positioned for the holiday season. We are raising our full year guidance and expect to deliver our highest annual earnings in our company’s history.”

The company has raised its guidance for the fiscal year ending January 31, 2022. For fiscal 2022, the company expects net sales of approximately 2.77 billion dollars and net income between 180 million dollars and 190 million dollars or between 3.65 dollars and 3.75 dollars per diluted share.

The company previously forecasted net sales of approximately 2.70 billion dollars and net income between 155 million dollars and 165 million dollars or between 3.10 dollars and 3.20 dollars per diluted share. This compares to net sales of 2.06 billion dollars and net income of 23.5 million dollars or 48 cents per diluted share, last year.