G-III REDUCES LOSS IN PERIOD AS SALES RISE
NEW YORK — Citing improved gross margins, G-III Apparel Group Ltd. narrowed its fourth-quarter loss to $1.02 million from $2.4 million a year ago.
Sales for the three months ended Jan. 31 gained 12.7 percent to $21 million from $18.7 million.
In the year, the company earned $3.1 million, or 46 cents a share, against a loss of $397,000. Sales fell 3.3 percent to $117.6 million from $121.7 million.
Gross margins in the year increased to 24.2 percent of sales from 19.6 percent a year ago.
“G-III’s gross margin improvements are due to the strategic initiative we have implemented over the past two years, which include an increased emphasis on our branded products, success with the company’s sports licensing initiatives and improvements in our core business,” Morris Goldfarb, chief executive officer, said in a statement.
“We have successfully restructured and consolidated the company’s merchandising divisions, increasing sales force productivity and enhancing customer service,” he added.
G-III manufactures leather and nonleather outerwear under its own name and the Colebrook & Co., Siena and Siena Studio labels. It also produces lines under licenses from Kenneth Cole Productions, the National Football League, the National Hockey League, NASCAR and several universities, and also recently signed a joint venture agreement with BET Holdings Inc., for a line of apparel and accessories.