Shares of G-III Apparel Group Ltd. rose 13.3 percent earlier this week after the company posted double-digit percent gains in net income and sales for the third quarter.
The company said net income for the three months ended Oct. 31 rose 23.4 percent to $59.6 million, or $2.85 a diluted share, from $48.3 million, or $2.37, a year ago. Excluding one-time charges in both quarters, earnings were $2.88 a share versus $2.43 last year. Wall Street’s consensus estimate was $2.61. Net sales rose 23 percent to $668.7 million, compared with $543.5 million a year ago.
Morris Goldfarb, chief executive officer and president, told Wall Street analysts during a conference call, “We shipped extremely well this quarter, including outerwear, which is key to our third-quarter results. Our strength is evident across the board. Our designs are resonating, and our product lines have been well received. Our specialty retail operations are also performing at a high level.”
He also said of the company’s future: “First, we remain very much a growth company. We’re working to drive organic revenue growth and to add smart acquisitions that are accretive in the long term.
“Second, we’re focused on the principle of diversification. This has enabled us to generate strong results, maximize our opportunity, reduce our risk and broaden our potential.
“Third, we are going to continue to focus on building a great team, a strong group of partners and a powerful results-oriented culture.”
The company revised its full-year guidance for the period ending Jan. 31, to reflect strong third-quarter results and the expected results from G.H. Bass & Co. in the fourth fiscal quarter, which was acquired in the quarter just ended. G-III said it expects diluted earnings per share of $3.47 to $3.57, on a net income range of $72 million to $74 million and net sales of $1.73 billion. Prior guidance had diluted EPS between $3.30 and $3.40, on a net income range of $68.6 million to $70.6 million and net sales expected at $1.61 billion.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia