G-III and Gap Inc, Wall Street moversWednesday, 06 June 2012
G-III Apparel and Gap Inc shook Wall Street with respective
hikes in quarterly sales. Meanwhile, London Stock Exchange remained close due to the Jubilee celebrations, waiting for the quarterly releases of JD Sports and Laura Ashley, to be due to on 7th June.
G-III Apparel Group, Ltd. (GIII) advanced 3.2% or 79 cents to $24.79 after the apparels maker reported net revenues in the first quarter ending in April increased 16.5% to $229.4 million compared to $196.9 million in the same period last year. Net loss in the quarter widened 63% to $0.85 million or 4 cents per diluted share compared to $0.52 million or 3 cents per share a year ago quarter.
"Our first quarter results met our expectations. We anticipate improved profitability for the full year as we expect input costs will moderate compared to prior year levels. Early booking trends for fall are good and give us confidence in our outlook for the full year," Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said.
Good news also for peer Gap Inc. which Tuesday reported a growth in revenue and comparable sales growth for the month of May.Net sales for the four-week period ended May 26 increased 4 percent to $1.10 billion from $1.06 billion in the prior-year quarter. Comparable sales for May were up 2 percent, compared with a 4 percent decline reported in the same period last year.Gap North America comparable sales grew 6 percent, compared to a negative growth of 4 percent last year. Banana Republic North America had a 8 percent growth in same store sales, compared to a 6 percent decline last year. Old Navy North America same store sales dropped 1 percent, same as last year. International same store sales grew 1 percent, compared to a 9 percent negative growth recorded last year.
London stock market remained closed as per the Jubilee Celebrations, expecting JD Sports to release an update on Thursday, as well as Laura Ashley.