G-III Apparel Group, Ltd. announced that its board of directors has approved a two-for-one-stock split of the company’s common stock to be paid as a stock dividend. Stockholders of record as of the close of business on April 20, 2015 will receive one additional share of common stock for each share of common stock held on that date. The new shares are expected to be issued on May 1, 2015.
NASDAQ trading on a split-adjusted basis is expected to begin on May 4, 2015.
The company had outstanding approximately 22.5 million shares of its common stock as of Apr. 6, 2015. After the stock split, the company will have outstanding approximately 45.0 million shares of its common stock.
Morris Goldfarb, G-III’s Chairman, Chief Executive Officer and President, said, “We are pleased to take this action as a result of our strong operating results and stock price performance. This stock split reflects the belief in our long-term Company initiatives and underlines our ongoing commitment to enhancing shareholder value.”
The company previously provided guidance for its fiscal year ending Jan. 31, 2016 regarding net income per diluted share. On a split-adjusted basis, the company expects net income to be between $2.53 and $2.63 per diluted share, compared to net income between $5.05 and $5.25 per diluted share on a pre-split basis.
G-III is a leading manufacturer of outerwear, dresses, sportswear, swimwear, women’s suits, women’s performance wear, footwear, luggage, women’s handbags, small leather goods and cold weather accessories under licensed brands, owned brands and private label brands. G-III sells swimwear, resort wear, and related accessories under our own Vilebrequin brand. G-III also sells outerwear, dresses, and performance wear under our own Andrew Marc and Marc New York brands, and has licensed these brands to select third parties in certain product categories. G-III has fashion licenses under the Calvin Klein, Kenneth Cole, Cole Haan, Guess?, Tommy Hilfiger, Jones New York, Jessica Simpson, Vince Camuto, Ivanka Trump, Ellen Tracy, Kensie, Levi’s and Dockers brands. Through our team sports business, we have licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Touch by Alyssa Milano and more than 100 U.S. colleges and universities. Our other owned brands include Bass, G.H. Bass, G-III Sports by Carl Banks, Eliza J, Black Rivet and Jessica Howard. G-III also operates retail stores under the Wilsons Leather, Bass, G.H. Bass & Co., Vilebrequin and Calvin Klein Performance names.
