G-III Apparel Group net sales up by 16.5% to USD 229.4 mWednesday, 06 June 2012
G-III Apparel Group reported Tuesday that net sales increased
by 16.5% to $229.4 million, a record for its first fiscal quarter, from $196.9 million in the year-ago period. It´s net loss for the first quarter was $847,000, or $0.04 per share, compared to a net loss of $520,000, or $0.03 per share, in the prior year's comparable period.
"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.
Mr. Goldfarb continued, "We believe we have a clear strategic advantage for us that our major growth initiatives, across a variety of categories, are underpinned by some of the best brands in the world. We are building significant businesses in a number of important categories. We are creating several platforms that are expected to show operating margin improvements as we increase in sales volume. In addition, we plan to layer on additional brands to these platforms."
The fashion group reiterated its prior guidance for the full fiscal year ending January 31, 2013 and continues to forecast net sales of approximately $1.35 billion and net income of between $54.0 million and $56.0 million, or a range of $2.62 and $2.72 per diluted share.
The projected EBITDA for fiscal 2013is expected to increase approximately between 11% and 15% to approximately $102.5 million to $106.0 million.
For its second fiscal quarter ending July 31, 2012, G III is forecasting net sales of approximately $250.0 million compared to $230.0 million in the comparable quarter last year. The company is also forecasting net income for the second fiscal quarter between $800,000 and $1.6 million, or between $0.04 and $0.08 per diluted share, compared to net income of $1.6 million, or $0.08 per diluted share, in last year's second quarter.
Mr. Goldfarb concluded, "We have successfully diversified our operations, aligned ourselves with powerful brands, and continued to drive efficiency. As a result of this strategy, we believe we have enhanced our ability to generate long-term value for our shareholders."