G-III WEATHERS FINANCIAL DOWNTURNS IN THIRD QUARTER
New York-based G-III Apparel Group, the owner of such companies as Donna Karan and Andrew Marc, has reported its financial results for the third quarter ended October 31, 2016
Net sales were $883 million as compared to $910 million in the year-ago period, while net income for the third quarter was $70.6 million, or $1.50 per diluted share, compared to $87.2 million, or $1.87 per diluted share, in the prior year’s comparable period.
Despite the downturns, the company’s chairman and CEO Morris Goldfarb remained optimistic. “We have systematically, steadily and thoughtfully diversified into a wide range of categories, both organically and through strategic acquisitions. We have achieved tremendous diversification, built a portfolio of incredible brands and cemented a leadership position across the industry. We believe that our premium brands, including those that come with our acquisition of the Donna Karan business, position us extremely well to drive sales and profit growth well into the future. We see a multi-billion dollar revenue growth opportunity for our company over time.”
G-III also revised its Fiscal 206 guidance, and is now forecasting net sales of approximately $2.43 billion and net income between $67 million and $72 million, or a range between $1.41 and $1.51 per diluted share.
“While conditions in our industry have been and remain challenging, we have what it takes across the organization in terms of drive, commitment and talent to carry through on our growth initiatives and deliver excellent value for our shareholders, our customers and our partners,” added Goldfarb.
