G-III Apparel Q3 Adj. Profit Beats Estimates; Revises Annual Targets

(RTTNews) - G-III Apparel Group, Ltd. (GIII) posted third-quarter net income attributable to the company of $80.6 million, or $3.53 per share, compared with $59.6 million, or $2.85 per share, in the prior-year period.

Adjusted earnings were $3.09 per share, up from $2.88 per share last year. On average, ten analysts polled by Thomson-Reuters expected the company to report a profit of $2.89 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the latest third quarter increased by 21% to $812.33 million from $668.70 million in the year-ago period, while seven analysts estimated revenues of $802.31 million for the quarter.

Looking ahead, the firm revised its prior guidance for the fiscal year ending January 31, 2015, and now expects net income to be between $103.0 million and $106.0 million, or $4.65 and $4.80 per share and net sales of about $2.13 billion. Analysts currently expect earnings of $4.10 per share on revenues of $2.11 billion for the year.

Earlier, the company expected net income to be between $90.6 million and $93.9 million, or $4.00 and $4.15 per share and net sales of about $2.11 billion.

The company is forecasting non-GAAP net income per share for the full 2015 fiscal year between $4.20 and $4.35.