- Prachi Singh |
G-III Apparel Group, Ltd. recorded net sales for the first quarter increased 16 percent to 611.7 million dollars compared to 529 million dollars in the year-ago period. The company reported net income of 9.9 million dollars or 0.20 dollar per diluted share compared to a net loss of 10.4 million dollars or 0.21 dollar per share, in the prior year's comparable period. Non-GAAP net income per diluted share was 0.22 dollar compared to a non-GAAP net loss of 0.18 dollar per share in the same period last year.
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Commenting on the first quarter trading, Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said in a statement: "We are pleased to have begun the year with a solid quarter across the board. We are excited to see the momentum continue and have increased confidence in our outlook for the remainder of this year."
G-III updates Q2 and FY19 outlook
The company has increased its prior guidance for the full fiscal year 2019 ending January 31, 2019. The company now expects net sales of approximately 2.97 billion dollars and net income between 112 million dollars and 117 million dollars or between 2.20 dollars and 2.30 dollars per diluted share, for fiscal 2019. The company previously forecasted net sales of approximately 2.94 billion dollars and net income between 97 million dollars and 102 million dollars or between 1.90 dollars and 2 dollars per diluted share, for fiscal 2019.
The company is anticipating non-GAAP net income between 116 million dollars and 121 million dollars or between 2.27 dollars and 2.37 dollars per diluted share compared to the previous guidance of non-GAAP net income between 101 million dollars and 106 million dollars or between 1.98 dollars and 2.08 dollars per diluted share. The company is projecting full-year adjusted EBITDA between 236 million dollars and 246 million dollars compared to its previous forecast of between 218 million dollars and 227 million dollars.
For the second quarter, the company is forecasting net sales of approximately 590 million dollars and net income or loss between a net loss of 3.5 million dollars and net income of 1.5 million dollars or between a net loss of 0.07 dollar per share and net income of 0.03 dollar per diluted share. This forecast compares to net sales of 538 million dollars and a net loss of 8.6 million dollars or 0.18 dollar per share, reported for the second quarter of fiscal 2018.
On an adjusted basis, excluding imputed interest expense, the company is forecasting non-GAAP net loss or income between 2.6 million dollars and 2.4 million dollars or between 0.05 dollar per share and 0.05 dollar per diluted share.
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