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