G-III Apparel Group Ltd. posted a 57.3 percent gain in fourth-quarter earnings Tuesday, helped by robust sales across a plethora of its apparel, outerwear and accessories brands.
As a result, the New York-based vendor issued annual guidance that exceeded Wall Street’s estimates.
For the three months ended Jan. 31, G-III’s net income totaled $7.9 million, or 40 cents a diluted share, compared with income of $5 million, or 25 cents a share, in the year-ago period. Excluding expenses related to the company’s acquisition of men’s swimwear brand Vilebrequin, the firm said EPS amounted to 41 cents, which was a penny better than analysts’ estimates.
G-III, which owns licenses such as Calvin Klein, Sean John, Tommy Hilfiger and Nine West, said its quarterly gross margin improved to 31.4 percent of sales from a margin of 28.3 percent a year earlier.
“We continue to see strength in many areas of our business, including sportswear, dresses, suits, team sports and handbags, as well as our Wilsons Leather stores,” said Morris Goldfarb, G-III’s chairman and chief executive officer. “We are presently executing on our long-term Vilebrequin strategic plan. We have made significant investments in this business and will continue to do so over the next several years. I am extremely confident in Vilebrequin’s prospects.”
Goldfarb said the company anticipates annual net income of between $64.3 million and $66.4 million, or EPS of between $3.10 and $3.20, on sales of $1.55 billion.
Wall Street is looking for EPS of $2.92 on sales of $1.38 billion for the year.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
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With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
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