G-III reports 12% increase in net sales in Q3 FY16
G-III Apparel Group, Ltd. announced strong growth in its operating results report for the third quarter FY2016. Net sales increased from $812 million in the third quarter of last year to $910 million. Even after a two-for-one stock split on May 1, 2015, the company’s non-GAAP net income per diluted share increased 20% from fiscal year 2015 third quarter results from $1.54 to $1.85.
G-III Chairman, CEO and President Morris Goldfarb said of the results, “We are pleased to report a strong third quarter. Our organic sales and profit increase clearly differentiate us as a leader in our industry. We achieved this performance in a challenging market environment.” He also highlighted G-III’s diversification, strong brand portfolio and successful execution of company strategies, including the repurchase by the Board of 5,000,000 shares.
In response to strong third quarter results, the company revised its full fiscal year outlook. While the original forecast of $2.4 billion in net sales was unchanged, expected net income increased from $124-$131 million to $129-134 million. G-III anticipates non-GAAP net income per diluted share for the full 2016 fiscal year to increase between $2.65 and $2.80 compared to $2.26 for fiscal year 2015.
G-III is a leading manufacturer and distributor of women’s apparel ranging from sportswear to suits, as well as footwear, luggage and handbags and cold weather accessories. In addition to the company’s in house brands – Vilebrequin, Andrew Marc, and Marc New York – G-III has fashion licenses multiple designer fashion brands including Karl Lagerfeld, Jessica Simpson, Vince Camuto and Levi’s among others. G-III also has an extensive team sports business with licenses with the National Football League, National Basketball Association, National Hokey League, and several other major sports leagues.
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