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.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive
For @simonerocha_‘s fall show, hairstylist @jamespecis created a look inspired by the painter John Constable. Models’ hair was pulled back, tied into knots and topped off with a bow. (📷: @kukukuba) #wwdbeauty #lfw
Queen Elizabeth made a surprise appearance at @richardquinn1's London Fashion Week show to present the designer with the inaugural Queen Elizabeth II Award for British Design. The new award will be handed out annually to an emerging British fashion designer who shows exceptional talent, while demonstrating value to the community and sustainable policies. #wwdfashion #lfw (📷: @giovanni_giannoni_photo)