Shares of G-III Apparel Group Ltd. rose more than 7 percent late Monday after the New York-based sportswear firm surprised analysts with a first-quarter profit and lifted guidance for the year.
With gross margin up 400 basis points and same-store sales rising at a double-digit clip, the company registered net income of $1 million, or 5 cents a diluted share, in the three months ended April 30. This came against a loss of $847,000, or 4 cents, in the year-ago period and the analysts’ consensus estimate for a loss of 5 cents for the just-completed period. All eight analysts weighing in on G-III’s results expected a loss.
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