- Prachi Singh |
REPORT_ G-III Apparel Group for the third quarter of fiscal 2015 ended October 31, 2014 reported net sales increase of 21 percent to 812.3 million dollars from 668.7 million dollars in the year-ago period. This year's quarter included net sales of approximately 66 million dollars from the G.H. Bass business that was acquired in November 2013. Excluding these sales, net sales increased by 12 percent compared to the comparable quarter last year.
The company's net income for the third quarter increased to 80.6 million dollars, or 3.53 dollars per diluted share, from 59.6 million dollars, or 2.85 dollars per diluted share, in the prior year's comparable period. On an adjusted basis, non-GAAP net income per diluted share for the third quarter increased to 3.09 dollars from 2.88 dollars in the prior year's third quarter.
Commenting on the development, Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, “We are pleased to report a record third quarter. Our outerwear shipments were strong and that business performed well at retail. We experienced growth in several other areas of our business. Our sportswear and dress businesses also contributed to our increased sales and earnings. We believe we are well positioned for the remainder of the year.”
The company revised its prior guidance for the full fiscal year ending January 31, 2015 to reflect its strong third quarter financial performance. The company is now forecasting net sales of approximately 2.13 billion dollars compared to its previous guidance of 2.11 billion dollars. It now expects net income to be between 103 million dollars and 106 million dollars, or a range between 4.65 dollars and 4.80 dollars per diluted share.
The company is forecasting non-GAAP net income per diluted share for the full 2015 fiscal year between 4.20 dollars and 4.35 dollars compared to 3.74 dollars for the 2014 fiscal year. The company is now projecting adjusted EBITDA for fiscal 2015 to increase between 20 percent and 24 percent to between 176.5 million dollars and 181.5 million dollars compared to adjusted EBITDA of 147.1 million dollars in fiscal 2014 and increasing from its previous guidance of adjusted EBITDA of between approximately174 million dollars and 179.4 million dollars.