G-III Apparel Posts Adj. Loss In Q1; To Close All Wilsons Leather And G. H. Bass Stores

(RTTNews) - G-III Apparel Group, Ltd. (GIII) reported a first quarter non-GAAP net loss per share of $0.75 compared to non-GAAP net income per share of $0.25, last year. On average, 11 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.55, for the quarter. Analysts' estimates typically exclude special items.

First quarter net sales decreased 36.1% to $405.1 million from $633.6 million, previous year. Analysts expected revenue of $449.05 million for the quarter.

Also, G-III Apparel Group announced the restructuring of its retail operations segment. This includes the closing of 110 Wilsons Leather and 89 G.H. Bass stores. In connection with this, the company expects to incur an aggregate charge of approximately $100 million. A significant portion of these charges will be incurred during the company's second quarter ending July 31, 2020.