For the third quarter ended October 31, 2014, NASDAQ listed, G-III Apparel Group reported a 21 per cent surge in sales as against the third quarter of previous fiscal year.
For the third quarter of 2014, G-III posted net sales at $812.3 million, up 21 per cent from $668.7 million in the year-ago period.
“This year’s quarter included net sales of approximately $66 million from the G.H. Bass business that was acquired in November 2013,” G-III explained.
Excluding these sales, net sales increased by 12 per cent compared to the comparable quarter last year.
The clothing marketer’s net income for the third quarter rose to $80.6 million, or $3.53 per diluted share, from $59.6 million, or $2.85 per diluted share, in the prior year’s comparable period.
Morris Goldfarb, G-III’s CEO said, “We experienced growth in several other areas of our business and we believe we are well positioned for the remainder of the year.”
Goldfarb continued, “We remain focused on continuing to implement successful business strategies and creating value for our shareholders.”
G-III also revised its prior guidance for the full fiscal year ending January 31, 2015 to reflect its strong third quarter financial performance.
The Company is now forecasting net sales of approximately $2.13 billion compared to its previous guidance of $2.11 billion.
It now expects net income to be between $103.0 million and $106.0 million, or a range between $4.65 and $4.80 per diluted share.
This compares with its previous guidance of net income between $90.6 million and $93.9 million, or a range between $4.00 and $4.15 per diluted share.
Both the prior and revised guidance includes $0.16 of dilution from the impact of our sale of 1,725,000 shares in a public offering completed in June of this year.
In addition, the current annual guidance includes the other income items included in our results for the third quarter equal to $0.45 per share, net of taxes.
G-III forecast non-GAAP net income per diluted share for the full 2015 fiscal year between $4.20 and $4.35 compared to $3.74 for the 2014 fiscal year.
It is now projecting adjusted EBITDA for full current fiscal year to increase between 20-24 per cent year-on-year to between $176.5 million and $181.5 million. (AR)
