NEW YORK — Outerwear and sportswear marketer G-III Apparel Group weathered second-quarter sales and earnings drops, but remains on plan for the year on solid bookings.
Net income plummeted 85.2 percent during the period to $576,000, or 8 cents a diluted share, from $3.9 million, or 52 cents, a year ago.
Revenues for the quarter ended July 31 shriveled 36.4 percent to $40 million from $62.9 million a year ago.
"An ongoing trend toward shipments occurring closer to the selling-floor need caused some expected revenues to be pushed into the third quarter," noted chief executive Morris Goldfarb in a statement. Bookings, however, remain on track.
"Our Sports Licensing, Sean John and Timberland lines are receiving particularly strong responses from retailers," Goldfarb said. The Sports Licensing business for the first half exceeded its full-year booking target.
For the half, losses of $3.6 million, or 54 cents a diluted share, compared with earnings of $993,000, or 13 cents, a year ago. Revenues over the six months surrendered 34.2 percent to $52.7 million from $80.1 million a year ago.
G-III, based here, maintained its full-year earnings target of 95 cents to $1 a share, on sales of approximately $190 million.
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