G-III sales surge 25%, updates full-year guidance
G-III Apparel Group Ltd. announced on Wednesday revenues for the second quarter surged 25% to $605.2 million, coinciding with an increase in profits for the three months ending July 31.
The New York-based company reported net income for the second quarter of $36.3 million, or $0.74 per diluted share, compared to $19.2 million, or $0.39 per diluted share, in the prior year’s quarter.
For the half-year period, the owner of Karl Lagerfeld, Donna Karan and DKNY brands, said revenues reached $1.3 billion, up from $1 billion in the prior-year period. Net income for the six months grew to $66.7 million, compared to $45.5 million, the company added.
“We are pleased to have completed our previously announced acquisition of the remaining 81% of the iconic Karl Lagerfeld brand, further expanding our global reach," said Morris Goldfarb, G-III’s chairman and chief executive officer.
"In the second quarter of fiscal 2023, we continued to see significant year-over-year sales growth across our power brands. We are managing the business prudently with a keen eye towards gaining market share and building on our strengths while further expanding our global reach. Looking ahead, we are in a good position for the Fall season and our order book remains strong.”
Looking ahead, G-III said it is updating its guidance for fiscal 2023. It now expects net sales of approximately $3.15 billion and net income between $182 million and $187 million, or between $3.69 and $3.79 per diluted share.
“Given the challenging environment that has rapidly developed over the last few months, we are taking a more conservative view for the balance of the year. We have a strong track record of managing through difficult business conditions and remain confident in our strategy and in our ability to deliver on our updated full year expectations, as the overall fundamentals of our business remain solid.”
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