G-III Apparel Group Ltd. surprised Wall Street with a second-quarter profit and a boost in full-year guidance Wednesday, and investors returned the favor by pushing the apparel company’s shares up 16 percent.
Helped by its diversification into businesses such as sportswear and retailing, the New York-based firm best known for its outerwear generated net income of $3 million, or 15 cents a diluted share, in the three months ended July 31 versus a loss of $2.8 million, or 17 cents, in the prior-year period. Analysts polled by Yahoo Finance had expected a loss of 2 cents a share. Sales improved 39 percent to $189 million from $135.9 million in the 2009 period, and gross margin was elevated to 32.2 percent of sales from 30 percent. The pickup, greater than anticipated by the firm, was attributed to “increased wholesale sales of women’s dresses, sportswear and suits, as well as from higher sales by the company’s Wilsons retail outlet store business.”
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)