G-III Apparel Q2 Profit Rises; Increases Full Year Guidance - Quick Facts

(RTTNews) - G-III Apparel Group Ltd. (GIII) reported that its second-quarter net income attributable to company increased to $3.59 million or $0.17 per share, from $1.36 million or $0.07 per share, last year. Net income in the company's prior year period included $1.8 million of expenses associated with the acquisition of Vilebrequin, equal to $0.06 per share, net of taxes.

On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.10 for the quarter. Analysts' estimates typically exclude special items.

Net sales improved to $304.16 million, from $251.48 million last year. Analysts expected revenue of $287.88 million for the quarter.

The company revised its guidance for the full fiscal year ending January 31, 2014. The company now forecasts net sales of approximately $1.61 billion and net income between $68.6 million and $70.6 million, or a range between $3.30 and $3.40 per share, compared to its previous guidance of net sales of approximately $1.57 billion and net income between $66.3 million and $68.4 million, or a range between $3.20 and $3.30 per share. Analysts currently expect the company to report full year profit per share of $3.30 on revenue of $1.57 billion.

G-III Apparel expects third-quarter net sales of approximately $620.0 million. Net income is expected to be between $52.2 million and $54.2 million, or between $2.52 and $2.62 per share. Analysts expect the company to report third-quarter profit per share of $2.67 on revenue of $596.88 million.