G-III Apparel Cuts FY20 Earnings Outlook - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Thursday, G-III Apparel Group, Ltd. (GIII) lowered its earnings guidance for the full-year 2020, while raising annual sales outlook.

For fiscal 2020, the company now projects earnings in the range $3.10 and $3.20 per share and adjusted earnings in the range of $3.15 to $3.25 per share on net sales of about $3.30 billion.

Previously, the company expected earnings in the range $3.19 and $3.29 per share and adjusted earnings in the range of $3.25 to $3.35 per share on net sales of about $3.28 billion.

For the third quarter, the company anticipates earnings in a range $1.85 to $1.95 per share and adjusted earnings in a range of $1.87 to $1.97 per share on net sales of about $1.17 billion.

The company said the guidance incorporates the expected impact of the additional tariffs implemented effective September 1, 2019 and expected to be implemented later this year. The prior guidance issued last quarter incorporated the effect of tariffs in effect at that time.