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. RELATED CONTENT: WWD Earnings Tracker >> 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.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim