G-III Apparel Group reports Q2 net income of 19.2 million dollars

G-III Apparel Group, Ltd. said net sales for the second quarter ended July 31, 2021 increased 62.5 percent to 483.1 million dollars.

The company reported net income for the second quarter of 19.2 million dollars or 39 cents per diluted share compared to a net loss of 15 million dollars or loss of 31 cents per share, in the prior year’s quarter.

Commenting on the company’s performance, Morris Goldfarb, G-III’s chairman and chief executive officer, said: “We delivered outstanding second quarter results that exceeded our guidance for both the top and bottom lines. G-III’s diversified product categories ranging across our globally recognized power brands, DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld Paris, position us well to meet the increasing demand for our products.”

The company has raised its guidance for the fiscal year ending January 31, 2022 and now expects 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.

For the third quarter, G-III expects net sales of approximately 1 billion dollars and net income between 80 million dollars and 90 million dollars or 1.65 dollars and 1.75 dollars per diluted share.