G-III Apparel Q2 Profit Up; Revises Annual Targets - Quick Facts

(RTTNews) - G-III Apparel Group, Ltd. (GIII) posted higher net income for the second quarter of $6.2 million, or $0.29 per share, compared with $3.6 million, or $0.17 per share, in the prior-year period. On average, ten analysts polled by Thomson-Reuters expected the company to report a profit of $0.16 for the quarter. Analysts' estimates typically exclude one-time items.

Driven by a strong wholesale performance across several categories, quarterly net sales increased by 39% to $424.0 million from $304.2 million in the year-ago period. Eight analysts estimated revenues of $390.98 million for the quarter.

Looking ahead, the firm revised its prior guidance for the fiscal year ending January 31, 2015, now forecasting net sales of around $2.11 billion and net income between $90.6 million and $93.9 million, or a range between $4.00 and $4.15 per share, compared with its prior guidance of net sales of around $2.06 billion and net income between $87.9 million and $91.2 million, or a range between $4.05 and $4.20 per share. Analysts currently expect earnings of $4.11 per share on revenues of $2.07 billion for the year.

The company said the updated guidance includes $0.16 of dilution from the impact of its recent sale of 1,725,000 shares in a public offering completed in June of this year.