G-III Apparel Group Ltd. on Monday narrowed its second-quarter loss from a year ago as the company's sales jumped 21.5 percent.
As a result, the company raised its full-year guidance.
For the three months ended July 31, the loss came in at $884,000, or 5 cents a diluted share, from a loss of $1.7 million, or 14 cents, in the same year-ago quarter. Sales rose to $83.9 million from $69.1 million.
For the six months, the loss was $7.3 million, or 46 cents, compared with a loss of $10.6 million, or 85 cents, in the same year-ago period. Sales jumped 42.6 percent to $119 million from $83.5 million.
Morris Goldfarb, chairman and chief executive officer, said in a statement, "We are pleased to have outperformed our financial plan for the second quarter and we are on pace to report strong performance for fiscal 2008. Our suite of licensed fashion outerwear brands has had a very strong booking season led by Calvin Klein, Guess, Kenneth Cole and Sean John. We have an excellent mix of brands and, despite a relatively challenging marketplace, we are confident that we will perform well in both our licensed and private label outerwear businesses."
The ceo said the Calvin Klein dress line continues to be extremely well received by the market. In addition, the balance of the firm's other Calvin Klein businesses, which include coats and women's suits, also is having a very good year and will show strong sales and operating profit increases from the prior year.
For the fiscal year ending Jan. 31, the company has raised estimates for diluted net income a share to be between 98 cents and $1.03, compared with previous guidance of between 90 cents and 95 cents. G-III also expects sales of $510 million compared with its previous forecast of $500 million.
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