Shares of G-III Apparel Group Ltd. rose more than 13 percent in morning trading Wednesday after the company reported third-quarter results that soared past analysts’ expectations and raised its full-year guidance.

Morris Goldfarb, chairman, president and chief executive officer, told analysts on a morning conference call that the New York-based firm, which attributed about 60 percent of its third-quarter wholesale revenues to outerwear, had benefitted from a strong performance in the category.

With the catalyst of “early cold weather across nearly the entire country,” G-III has seen strength in coats and jackets “that extends to all tiers of distribution. And, given the strong early sell-throughs, our expectation is that we will see a strong finish to our outerwear business in the fourth quarter,” he said.

G-III finished the third quarter on a strong note, with net income for the three months ended Oct. 31 rising 35.3 percent to $80.6 million, or $3.53 a diluted share, from $$59.6 million, or $2.85, in the 2013 quarter. On an adjusted basis, EPS was $3.09, 20 cents above the $2.89 consensus estimate of industry analysts.

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Revenues were up 21.5 percent to $812.3 million from $668.7 million a year ago, with the increase at 11.9 percent when the $66 million contribution of Bass, acquired from PVH Corp. in November 2013, is subtracted. The consensus estimate was for revenues of $802.2 million.

Gross margin rose to 36.3 percent of sales from 33.9 percent a year ago. Inventories at quarter end stood at $436.4 million, up 35 percent from their year-ago level.

The company raised guidance for adjusted EPS for the full year to a range of between $4.20 and $4.35 from previous guidance of $3.55 to $3.70, on an adjusted basis. Revenues are now seen ending the year at about $2.13 billion, up from the previous projection of $2.11 billion. On average, analysts had expected EPS of $4.10 on revenues of $2.11 billion.

By 12:30 p.m. EST, shares had risen $11.02, or $13.1 percent, to $95.38. Earlier in the day, they hit an all-time high of $95.78.

Goldfarb noted during the call that G-III’s Calvin Klein better sportswear business, despite having grown from “almost nothing to now over $150 million in five years…continues to post double-digit increases.” Calvin Klein Performance, also marketed under license from PVH, is projected to be in 1,200 doors at the end of the year, up from 350 doors two years ago.

“We expect continued growth with department stores and are beginning to test distribution in sporting goods chains as potential additional growth,” he said.

The ceo noted that G-III continues to explore acquisition possibilities, with interest focused on a lifestyle brand like Bass, but that it could maintain its 20 percent compound annual growth rate “at least for the next three to four years” without adding to its portfolio of owned brands. He said opportunities in areas such as handbags, sportswear and dresses could provide that level of organic growth.

For the year to date, G-III’s net income rose 37.1 percent, to $88.1 million, or $4.04 a diluted share, on a 28.7 increase in sales to $1.6 billion.

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