G-III Apparel experiences rapid sales growth
Outerwear and sportswear manufacturer G-III Apparel has recorded a 39% rise in net sales for the three months ended July 31. Sales for the quarter totalled $189 million compared with $135.9 million during the second quarter last year.
Net income for the second quarter was $3.0 million compared with a net loss of $2.8 million in the prior-year period.
Morris Goldfarb, G-III's chairman and chief executive officer, said: "The impact of our increasing diversification, both by product categories and brand, was demonstrable in the second quarter. We now have built a dress and sportswear business that is shipping 12 months a year. We are looking ahead to a strong second half of the year as a result of the combination of our dress and sportswear business with our fall and winter outerwear business."
The company is now forecasting net sales of approximately $1.025 billion compared with its previous forecast of approximately $950 million. Net income is expected to be between $52 million and $54 million, compared with its earlier expectation of $44 million to $46 million.
