NEW YORK — G-III Apparel Group Ltd. reported gains in third-quarter profits, and said it is growing in part through door expansion and that it intends to grow through acquisitions.
For the three months ended Oct. 31, net income attributable to G-III rose 10.9 percent to $48.3 million, or $2.37 a diluted share, from $43.6 million, or $2.16, last year. The quarter’s earnings per share included 6 cents of expenses in connection with its acquisition of Vilebrequin, which the firm revealed in August in a transaction valued at $106 million. Net sales rose 6.6 percent to $543.5 million from $510 million.
Morris Goldfarb, chairman and chief executive officer, said, “Even though the hurricane in New York caused an interruption of shipping during our peak days this quarter, we were still able to exceed our earnings targets as a result of realizing higher gross margins. We remain confident in our ability to achieve our forecasts for the year.”
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)