G-III Apparel Group Ltd. said its board has approved a two-for-one-stock split of the company’s common shares.
Shareholders of record as of April 20 will receive one share of common stock for each share of common stock held. The new shares are expected to be issued on May 1. Shares of G-III will begin trading on a split-adjusted basis beginning on May 4. G-III shares trade on the Nasdaq.
Morris Goldfarb, the company’s chairman, president and chief executive officer, said, “We are pleased to take this action as a result of our strong operating results and stock price performance.” He added that the stock split reflects the company’s “belief” in its long-term initiatives.
G-III had 22.5 million shares outstanding of its common stock as of April 6, 2015. After the stock split, it will have 45 million shares outstanding.
G-III is now forecasting diluted earnings per share for the fiscal year ending Jan. 31, 2016 at between $2.53 and $2.63. It previously had guided diluted EPS, on a pre-split basis, at between $5.05 and $5.25.