G-III Apparel Boosts FY22 Outlook As Q2 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Thursday, G-III Apparel Group, Ltd. (GIII) provided earnings and net sales guidance for the third quarter and raised its earnings and net sales forecast for the full-year 2022.

For the third quarter, the company expects earnings in a range of $1.65 to $1.75 per share on net sales of approximately $1.00 billion.

On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $1.64 per share on revenues of $972.45 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company now projects earnings in a range of $3.10 to $3.20 per share on net sales of approximately $2.70 billion.

Previously, the company expected earnings in a range of $2.60 to $2.70 per share on net sales of approximately $2.57 billion.

The Street is looking for earnings of $2.68 per share on net sales of $2.57 billion for the year.

For the second quarter, the company reported net income of $19.2 million or $0.39 per share, compared to a net loss of $15.0 million or $0.31 per share in the prior-year quarter.

Net sales for the quarter surged 62.5 percent to $483.1 million from $297.2 million in the same quarter last year.

Analysts expected earnings of $0.09 per share on net sales of $468.85 million for the quarter.