G-III Apparel Q2 Profit Beats Estimates, Raises FY24 Guidance; Stock Surges

(RTTNews) - G-III Apparel Group, Ltd. (GIII) reported that its second quarter net income to G-III Apparel Group declined to $16.4 million from $36.3 million, prior year. Net income per share was $0.35 compared to $0.74. Non-GAAP net income per share was $0.40 compared to $0.39. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.01, for the quarter. Analysts' estimates typically exclude special items.

Net sales were $659.8 million compared to $605.2 million, a year ago. Analysts on average had estimated $592.32 million in revenue.

For fiscal 2024, the company expects net sales of approximately $3.30 billion and net income between $145 million and $150 million, or between $3.05 and $3.15 per share. The company expects non-GAAP net income between $152 million and $157 million, or between $3.20 and $3.30 per share.

For the third quarter, the company expects net sales of approximately $1.13 billion. The company expects net income between $94 million and $99 million or between $1.99 and $2.09 per share. The company expects non-GAAP net income between $96 million and $101 million, or between $2.03 and $2.13 per share.

Separately, HanesBrands and G-III Apparel Group, announced they have entered into a strategic multi-year license agreement for the design, production and distribution of outerwear for the Champion and C9 Champion brands in North America, including exploring opportunities across Champion's global network as a key partner.

Shares of G-III Apparel Group are up 14% in pre-market trade on Thursday.

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