G-III Apparel Group confirms Q1 losses
07/06/2006
Leading manufacturer and distributor of outerwear and sportswear G-III Apparel Group, Ltd. has reported operating results for the first quarter of fiscal 2007.
For the three-month period ended April 30, G-III reported net sales of $14.4 million and a net loss of $8.9 million compared with net sales of $13.8 million and a net loss of $4.7 million during the comparable period last year.
As expected, seasonal losses in the first quarter were higher than last year, primarily due to the inclusion of the results of companies acquired in July 2005, as well as higher interest expenses and depreciation and amortisation costs relating to these acquisitions.
For the second quarter ending July 31, the company is forecasting net sales of approximately $60 million compared with $54.6 million in 2005.
For the three-month period ended April 30, G-III reported net sales of $14.4 million and a net loss of $8.9 million compared with net sales of $13.8 million and a net loss of $4.7 million during the comparable period last year.
As expected, seasonal losses in the first quarter were higher than last year, primarily due to the inclusion of the results of companies acquired in July 2005, as well as higher interest expenses and depreciation and amortisation costs relating to these acquisitions.
For the second quarter ending July 31, the company is forecasting net sales of approximately $60 million compared with $54.6 million in 2005.
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