- Prachi Singh |
G-III Apparel Group, Ltd. for the third quarter ended October 31, 2018, reported that net sales increased 4.7 percent to 1.07 billion dollars. Net income for the third quarter was 94 million dollars or 1.86 dollars per diluted share, from 81.6 million dollars or 1.65 dollars per diluted share, in the prior year’s comparable period. Non-GAAP net income per diluted share was 1.88 dollars compared to 1.67 dollars per share in the same period last year.
Commenting on the third quarter trading, Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said in a press statement: “In our largest shipping quarter, the continued momentum in our wholesale business enabled us to surpass our third quarter earnings guidance.”
G-III Apparel Group raises full year guidance
The company has raised its guidance for the full fiscal year ending January 31, 2019 and now expects net sales of approximately 3.08 billion dollars and net income between 132 million dollars and 137 million dollars or between 2.59 dollars and 2.69 dollars per diluted share. The company previously forecasted 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, 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 136 million dollars and 141 million dollars or between 2.67 dollars and 2.77 dollars per diluted share, compared to its previous guidance of non-GAAP net income between 129 million dollars and 134 million dollars or between 2.52 dollars and 2.62 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 262 million dollars and 269 million dollars compared to its previous forecast between 250 million dollars and 260 million dollars. This compares to full-year adjusted EBITDA of 201.3 million dollars in fiscal 2018.