Higher sales at G-III Apparel
Outerwear, sportswear and apparel company G-III Apparel Group has posted positive results for the fourth quarter and full-year of fiscal 2010.
For the year ended January 31, net sales increased by 12.6% to $800.9 million from $711.1 million last year. For the three-month period, net sales rose 13.6% to $193.8 million from $170.7 million during the same period last year.
Morris Goldfarb, chairman and chief executive officer, said: "We have built a solid infrastructure for outerwear, dresses and now sportswear. Our order book indicates that our momentum is intact in the short term as we develop significant long-term opportunities.”
He added: “We expect to continue to grow our business organically and to augment that growth with strategic acquisitions when the right opportunities present themselves."
The company is forecasting net sales of approximately $135 million for its first fiscal quarter ending April 30 compared with $107.6 million last year. It is forecasting a net loss of between $3.3 million and $4.3 million compared with $6.8 million.
