- Prachi Singh |
G-III Apparel Group reported net sales rise of 18 percent to 433 million dollars for the first quarter of fiscal 2016 compared to 366.2 million dollars in the year-ago period. The company's net income for the first quarter was 6.8 million dollars, or 0.15 dollars per diluted share, as compared to 1.3 million dollars, or 0.03 dollars per diluted share, in the prior year's comparable period.
Commenting on the company’s performance, Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "We designed and delivered compelling product and maintained good sell-through, in addition to building a strong order book for the upcoming fall season. Across our business, we met and exceeded plans for both sales and margins. Our performance included powerful organic growth across the full range of our wholesale businesses, led by Calvin Klein and dress businesses such as Eliza J and Vince Camuto. The momentum continued with respect to our turnaround and repositioning of the G.H. Bass business that we acquired in November 2013."
The company also revised its prior guidance for the full fiscal 2016 year ending January 31, 2016. The company is now forecasting 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, compared to its previous guidance of net sales of approximately 2.37 billion dollars and net income between 116 million dollars and 122 million dollars, or a range between 2.53 dollars and 2.63 dollars per diluted share. For the fiscal 2015 year ended January 31, 2015, net sales were 2.12 billion dollars and net income was 110.4 million dollars, or 2.48 dollars per diluted share.
The company is now projecting adjusted EBITDA for fiscal 2016 to increase between 21 percent and 25 percent, to between approximately 225 million dollars and 233 million dollars as compared to its previous guidance of between 214 million dollars and 224 million dollars. For its second fiscal quarter ending July 31, 2015, the company is forecasting net sales of approximately 470 million dollars compared to 424 million dollars in the comparable quarter last year.