G-III Apparel Q2 Adj. Profit Declines; Net Sales Up 25%

(RTTNews) - G-III Apparel Group, Ltd. (GIII) reported second-quarter non-GAAP net income per share of $0.39 compared to $0.41, last year. Net income for the second quarter was $36.3 million, or $0.74 per share, compared to $19.2 million, or $0.39 per share.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.47, for the quarter. Analysts' estimates typically exclude special items.

Net sales increased 25% to $605.2 million from $483.1 million, last year. Analysts on average had estimated $594.78 million in revenue.

For fiscal 2023, the company expects net sales of approximately $3.15 billion. The company expects non-GAAP net income between $177.0 million and $182.0 million, or between $3.60 and $3.70 per share.

For the third quarter, the company expects net sales of approximately $1.07 billion. The company projects non-GAAP net income between $87.0 million and $92.0 million, or between $1.80 and $1.90 per share.

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