- Prachi Singh |
Net sales in the second quarter of fiscal 2019 at G-III Apparel Group increased 16.1 percent to 624.7 million dollars. The company reported net income of 10.1 million dollars or 0.20 dollar per diluted share for the second quarter compared to a net loss of 8.6 million dollars or 0.18 dollar per share, in the prior year’s comparable period. Non-GAAP net income per diluted share, the company said, was 0.22 dollar compared to a net loss of 0.15 dollar per share in the same period last year.
“We are pleased to report second quarter results that exceeded our expectations. Our outperformance was driven by excellent results across our wholesale businesses. We have a world class portfolio of owned and licensed brands that we believe position us for long-term growth in sales and earnings,” said Morris Goldfarb, G-III’s Chairman and Chief Executive Officer in a statement.
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G-III raises full year net sales and earnings guidance
The company increased its prior guidance for the full fiscal year ending January 31, 2019 and now expects net sales of approximately 3.06 billion dollars and net income between 125 million dollars and 130 million dollars or between 2.45 dollars and 2.55 dollars per diluted share. The company had previously forecasted 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. This compares to net sales of 2.81 billion dollars and net income of 62.1 million dollars or 1.25 dollars per diluted share, for fiscal 2018.
The company is anticipating non-GAAP net income for fiscal 2019 between 129 million dollars and 134 million dollars or between 2.52 dollars and 2.62 dollars per diluted share, compared to the previous guidance of non-GAAP net income between 116 million dollars and 121 million dollars or between 2.27 dollars and 2.37 dollars per diluted share. This guidance compares to non-GAAP net income of 79.5 million dollars or 1.60 dollars per diluted share, for fiscal 2018. The company is projecting full-year adjusted EBITDA between 250 million dollars and 260 million dollars compared to its previous forecast of adjusted EBITDA between 236 million dollars and 246 million dollars. This compares to full-year adjusted EBITDA of 201.3 million dollars in fiscal 2018.
For the third quarter, the company is forecasting net sales of approximately 1.08 billion dollars and net income between 85 million dollars and 90 million dollars or between 1.70 dollars and 1.80 dollars per diluted share. This forecast compares to net sales of 1.02 billion dollars and net income of 81.6 million dollars or 1.65 dollars per diluted share, reported for the third quarter of fiscal 2018.