G-III Apparel Q1 Profit Increases; Raises Guidance

(RTTNews) - G-III Apparel Group, Ltd. (GIII) reported first quarter non-GAAP net income per share of $0.72 compared to $0.56, a year ago. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.55, for the quarter. Analysts' estimates typically exclude special items.

Net income for the first quarter was $30.6 million, or $0.62 per share, compared to $26.3 million, or $0.53 per share, last year.

Net sales increased 32.5% to $688.8 million from $519.9 million, last year. Analysts on average had estimated $597.25 million in revenue.

The company expects non-GAAP net income for fiscal 2023 between $213.0 million and $223.0 million, or between $4.40 and $4.50 per share. For fiscal 2023, the company expects net sales of approximately $3.24 billion.

The company projects second quarter non-GAAP net income between $21.0 million and $26.0 million, or between $0.45 and $0.55 per share. For the second quarter, the company expects net sales of approximately $600.0 million.