G-III Apparel Guides Q1, FY23 Above View As Q4 Results Top Estimates

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, G-III Apparel Group, Ltd. (GIII) provided earnings and net sales guidance for the first quarter and for the full-year 2023.

For the first quarter of fiscal 2023, the company expects earnings in a range of $0.50 and $0.60 per share on net sales of approximately $600.0 million.

On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $0.44 per share on revenues of $579.85 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects earnings in a range of $4.20 and $4.30 per share on net sales of approximately $3.0 billion.

The Street is looking for earnings of $3.56 per share on net sales of $2.88 billion for the year.

For the fourth quarter, the company reported net income of $48.4 million or $0.98 per share, higher than $14.6 million or $0.30 per share in the prior-year quarter.

Net sales for the quarter surged 42 percent to $748.2 million from $526.2 million in the same quarter last year.

Analysts expected earnings of $0.64 per share on net sales of $741.55 million for the quarter.

G-III also announced that its Board of Directors has increased the previously authorized share repurchase program. There were 2.3 million shares available under the prior program which the Board has increased to 10 million shares.