G-III Q1 Profit Nearly Flat, Lifts Annual Outlook - Quick Facts

(RTTNews) - G-III Apparel Group, Ltd. (GIII) Tuesday reported a first-quarter profit that was nearly flat with last year, as a rise in costs offset revenue growth. The company, however, raised its earnings and sales expectations for the fiscal year.

For the three months to April, net earnings were $1.29 million or $0.06 per share, compared with $1.12 million or $0.05 per share a year ago.

On average, ten analysts polled by Thomson-Reuters expected the company to report a loss of $0.15 for the quarter. Analysts' estimates typically exclude one-time items.

Cost of sales increased to $236.01 million from $180.22 million a year ago, and SG&A expenses grew to $122.44 million from $85.83 million last year.

Net sales advanced 34 percent to $366.2 million from $272.6 million in the same period last year. Analysts expected revenues of $346.13 million.

For the fiscal year 2015, the company expects earnings of $87.9 million to $91.2 million, or $4.05 to $4.20 per share, on revenues of $2.06 billion. G-III had previously projected yearly earnings of $85.2 million to $88.5 million, or $3.95 to $4.10 per share, on revenues of $2.05 billion.

G-III also said it is expecting second-quarter earnings of $2.8 million to $3.7 million, or $0.13 to $0.17 per share, on revenues of around $392 million.

Analysts are expecting earnings of $4.09 per share on revenues of $2.05 billion for the year, and earnings of $0.14 per share on revenues of $379.34 million for the second quarter.