G-III Apparel Group Q2 net sales up by 21.6%

Apparel Online - - Retail Current -

G-III Apparel Group, a lead­ing de­signer, man­u­fac­turer, and marketer of men’s and women’s ap­par­els, has an­nounced fi­nan­cial re­sults for the se­cond quar­ter end­ing July 31, 2017.

The com­pany re­ported a 21.6 per cent in­crease in its net sales dur­ing the pe­riod to US $ 538.0 mil­lion, up from US $ 442.3 mil­lion in the same quar­ter of 2016. G-III’s di­verse busi­ness, driven by Calvin Klein and sup­ported by Tommy Hil­figer and Karl Lager­feld Paris brands helped it record growth.

How­ever, the cloth­ing re­tailer failed to raise its profit mar­gin. It noted a net loss of US $ 8.6 mil­lion in the se­cond quar­ter com­pared to a net loss of US $ 1.3 mil­lion in the cor­re­spond­ing pe­riod of last year. The com­pany is op­ti­mistic that the ad­di­tion of Donna Karan and DKNY brands will help it cap­ture bet­ter mar­gins in the fu­ture.

Mor­ris Goldfarb, G-III’s Chair­man and Chief Ex­ec­u­tive Of­fi­cer con­firmed, “The brand port­fo­lio we have cre­ated through ac­qui­si­tion and part­ner­ship is pow­er­ful. This great port­fo­lio is en­abling us to per­form well de­spite sig­nif­i­cant head­winds in the mar­ket­place.” Af­ter the se­cond quar­ter re­sults, G-III has re­vised its rev­enue forecast for the full fis­cal year end­ing Jan­uary 31, 2018. It now ex­pects to note ap­prox­i­mately US $ 2.80 bil­lion in rev­enue. Net in­come is likely to re­main be­tween US $ 56 mil­lion and US $ 60 mil­lion.

The brand port­fo­lio G-III Apparel Group, cre­ated through ac­qui­si­tion and part­ner­ship, is pow­er­ful.

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