G-III Apparel raises guidance
G-III Apparel Group has posted improved results for the three- and nine-month periods ended October 31.
For the three-month period, net sales increased by 3.4% to $363.5 million from $351.6 million during the same quarter of last year. Net income increased by 12.2% to $32.3 million compared with $28.8 million.
For the nine-month period, net sales rose 12.3% to $607 million from $540.5 million in the same period last year. Net income increased by 25.5% to $22.7 million compared with $18.1 million.
Morris Goldfarb, chairman and chief executive officer, said the company’s success could partly be attributed to the “strong start” of its new Calvin Klein sportswear business.
He said: “We remain focused on diversifying our business and have invested to expand our capabilities and infrastructure for both the dress and sportswear categories, which we expect to be growth engines for us. “
For the full year ending January 31, 2010, the company has revised its guidance and now expects net sales of approximately $790 million, compared with its prior guidance of approximately $770 million. It anticipates that net income will fall in the range of $23 million to $23.7 million, compared with previous guidance of $16.6 million to $18.4 million.
