G-III Apparel Q3 Net Income Declines; Raises FY25 Earnings Guidance

(RTTNews) - G-III Apparel Group, Ltd. (GIII) reported third quarter net income of $114.8 million, or $2.55 per share, compared to $127.6 million, or $2.74 per share, a year ago. Non-GAAP net income per share was $2.59 compared to $2.78. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $2.28, for the quarter. Analysts' estimates typically exclude special items.

Net sales for the third quarter increased 1.8% to $1.09 billion compared to $1.07 billion, prior year. Analysts on average had estimated $1.1 billion in revenue.

The company updated outlook for the fiscal year ending January 31, 2025. Non-GAAP net income per share for fiscal 2025 is now expected to be between $4.10 and $4.20, revised from prior guidance of $3.95 and $4.05. Net sales are expected to be approximately $3.15 billion, revised from prior guidance of approximately $3.20 billion.

Shares of G-III Apparel are down 4% in pre-market trade on Tuesday.

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