- Prachi Singh |
G-III Apparel Group, for the quarter ended July 31, 2015, reported that net sales, driven by robust wholesale and retail performance, increased 12 percent to 474 million dollars from 424 million dollars in the year-ago period.
The company's net income increased to 12.5 million dollars from 6.2 million dollars in the prior year period. The company reported an increase in net income per diluted share to 0.27 dollar from 0.14 dollar in the prior year period.
Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "We are pleased to report another strong quarter of growth and increased profitability. Growth in the quarter was driven by increases in our wholesale segment and an increase in comparable store sales from our G.H. Bass stores."
Revised outlook for FY16
The company revised its prior guidance for the full fiscal year ending January 31, 2016 and is now forecasting net sales of approximately 2.40 billion dollars and net income between 129 million dollars and 134 million dollars, or a range between 2.78 dollars and 2.88 dollars per diluted share. This compares to its previous guidance of net sales of approximately 2.40 billion dollars and net income between 123 million dollars and 128 million dollars, or a range between 2.66 dollars and 2.76 dollars per diluted share.
The Company is now projecting adjusted EBITDA for fiscal 2016 to increase between 27 percent and 31 percent to between 237 million dollars and 245 million dollars compared to its previous guidance of about 225 million dollars and 233 million dollars.
For its third fiscal quarter ending October 31, 2015, the company is forecasting net sales of approximately 920 million dollars compared to 812.3 million dollars in the comparable quarter last year. The company is also forecasting net income between 83 million dollars and 85.3 million dollars, or between 1.78 dollars and 1.83 dollars per diluted share, compared to net income of 80.6 million dollars, or 1.76 dollars per diluted share, in last year's third quarter.