G-III Apparel Group LTD.'s first-quarter solidly beat Wall Street’s expectations by 21 cents, boosted by wholesale sales and the contribution from its G.H. Bass acquisition in 2013.
For the three months ended April 30, net income rose 15.4 percent to $1.3 million, or 6 cents a diluted share, from $1.1 million, or 5 cents, a year ago. Wall Street was expecting a net loss per share of 15 cents. The company also beat Wall Street’s consensus estimate of $346.1 million in sales. The company said net sales increased 34.3 percent to $366.2 million from $272.6 million.
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