G-III Apparel caps year with record sales
New York-based G-III Apparel Group announced on Thursday a record year of net sales hitting $3.08 billion up from $2.81 billion in the prior year, jumping almost 10 percent.
The company behind brands DKNY and Donna Karan, among others, saw net income for the fiscal year ended January 31, 2019, more than double reaching $138.1 million, or $2.75 per diluted share, compared to $62.1 million, or $1.25 per diluted share, in the prior year.
Strong fourth-quarter results capped off the record year for G-III Apparel as quarterly net sales increased by 7.3 percent to $766.8 million from $714.9 million in the fourth quarter last year. Likewise, the company reported fourth quarter net income of $24.1 million, or $0.48 per diluted share, compared to a net loss of $0.5 million, or $(0.01) per share, in the fourth quarter last year.
Chairman and CEO Morris Goldfarb attributed the jump to its five global power brands -- DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld -- in conjunction with DKNY and Donna Karan products being created and developed in-house for the last full-year.
The group’s sales have flourished since acquiring the DKNY and Donna Karan brands from LVMH in 2016, seeing double-digit growth.
“In this ever-changing retail landscape, our consistent execution positions us to be a global provider of fashion product. With the current power brands we have today, we believe we can continue to achieve significant organic growth opportunities over the next several years. In addition, the strength of our balance sheet allows us to capitalize on the right acquisition opportunity,” Goldfarb said.
Looking ahead, G-III Apparel is forecasting net sales of approximately $3.28 billion and net income between $162.0 mllion and $167.0 million, or between $3.18 and $3.28 per diluted share, for fiscal 2020.
Meanwhile, for the upcoming first quarter ending April 30, 2019, the company is forecasting net sales of approximately $650 million and net income between $7.0 million and $12.0 million, or between $0.13 and $0.23 per diluted share.
That’s compared to net sales of $611.7 million and net income of $9.9 million, or $0.20 per diluted share, reported in the first quarter of fiscal 2019.
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