G-III Apparel net sales up 23 percent in FY15

Net sales at G-III Apparel Group, for the fiscal year ended January 31, 2015 were up 23 percent to 2.12 billion dollars from 1.72 billion dollars in the prior year. The full year sales growth was driven by strong performances from the company's wholesale businesses, as well as by the retail sales of the G.H. Bass & Co. business that was acquired in November 2013.

The Company reported GAAP net income for the fiscal year ended January 31, 2015, of 110.4 million dollars, or 4.97 dollars per diluted share, compared to 77.4 million dollars, or 3.71 dollars per diluted share, in the prior year. Non-GAAP net income per diluted share for the current fiscal year increased 21 percent to 4.54 dollars from 3.74 dollars in the prior fiscal year. Adjusted EBITDA increased by 27 percent to 186.6 million dollars from 146.5 million dollars in the prior fiscal year.

For the fourth quarter ended January 31, 2015, G-III reported that net sales increased by 9 percent to 514.3 million dollars from 472.8 million dollars in the fourth quarter last year, driven by broad strength in the company's wholesale and retail businesses. Fourth quarter net income per diluted share increased by 55 percent to 0.96 dollars per diluted share from 0.62 dollar per diluted share in the fourth quarter of the prior year.

“Fiscal 2015 was another strong year of sales and profit growth for G-III. We drove strong performances across our portfolio of businesses, solidified our market position, and successfully executed across a range of strategic initiatives, including the integration and repositioning of the G.H. Bass business we acquired in the fourth quarter of last year. We are pleased to have achieved another record year for both net sales and net income per share," said Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President.

For fiscal 2016, the company expects net sales of approximately 2.37 billion dollars and net income between 116 million dollars and 122 million dollars, or between 5.05 dollars and 5.25 dollars per diluted share. The company is also projecting adjusted EBITDA to be between 214 million dollars and 224 million dollars. For the first fiscal quarter ending April 30, 2015, the company is forecasting net sales of approximately 406 million dollars and net income between 1.1 million dollars and 3.5 million dollars, or between 0.05 dollar and 0.15 dollar per diluted share.