Apparel maker G-III Apparel Group Ltd. reported on Monday that fourth-quarter earnings more than doubled, boosted by sales in outerwear and dresses.
For the three months ended Jan. 31, earnings reached $1.1 million, or 6 cents a diluted share, from $518,000, or 3 cents, in the same year-ago period. Results included charges related to the termination of the Sean John junior sportswear license and financing related to purchasing commitments by one of the company's vendors, as well as a onetime gain in conjunction with the closing of its Indonesian production facility. Sales grew 30.2 percent to $128.7 million from $98.8 million.
For the full-year period, earnings jumped 32.6 percent to $17.5 million, or $1.05 a diluted share, from $13.2 million, or 94 cents, in the year-ago period. Sales increased 21.5 percent to $518.9 million from $427 million.
"Our acquisition last month of Andrew Marc provides us with a sought-after luxury brand, an expanded midtier presence through the Levi's and Dockers licenses and opportunities for incremental leverage and economies of scale," said Morris Goldfarb, chairman and chief executive officer, who also noted the firm had good momentum in its outerwear fashion brands and its dress businesses.
Goldfarb added the company is continuing its transformation into a business that can "ultimately be profitable all year round."
The company said the first quarter typically results in seasonal losses, and this year it will be further affected by the acquisition of Andrew Marc. Management expects a loss of 47 cents to 51 cents a diluted share in the first quarter. The company said it expects the Andrew Marc acquisition will be accretive for the full fiscal year ending Jan. 31, 2009.
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