G-III Apparel Group,Ltd.today announced operating results for the third quarter of fiscal 2013 that ended October 31,2012.
For the third quarter ended October 31,2012,G-III reported that net sales increased by 6.6%to$543.5 million from$510.0 million in the year-ago period.
The Company's net income for the third quarter was$48.3 million,or$2.37 per diluted share,compared to net income of$43.6 million,or$2.16 per diluted share,in the prior year's comparable period.
On an adjusted basis,excluding expenses associated with the Company's acquisition of Vilebrequin,Non-GAAP net income per diluted share for the third quarter was$2.43.A reconciliation of GAAP net income per share to Non-GAAP net income per share is presented in a table accompanying the condensed financial statements included in this release.
Morris Goldfarb,G-III's Chairman and Chief Executive Officer,said,"We are very pleased to have reported a strong quarter.Even though the hurricane in New York caused an interruption of shipping during our peak days this quarter,we were still able to exceed our earnings targets as a result of realizing higher gross margins.We remain confident in our ability to achieve our forecasts for the year."
Mr.Goldfarb continued,"We are growing through improved penetration and door expansion.We are also excited to continue to reinforce our growth through acquisitions.Vilebrequin is an exceptional global status resort brand that we expect to grow beyond its leadership position in the status men's swim and resort market into a true lifestyle brand."
Mr.Goldfarb concluded,"We have the operating platform,financial capability,strategic relationships and vision to continue to build and diversify our company and the brands with which we are entrusted.In the process,we expect to generate superior returns for our shareholders.
"We believe we are positioned well for the short-term and are focused on delivering strong results for this fiscal year and years to come.We are executing our strategy for long-term development that is designed to deliver long-term growth in shareholder value,continued diversification and increased profitability."
