G-III hits second-quarter sales record
New York-based G-III Apparel Group, the company behind DKNY, Donna Karan, Vilebrequin and G.H. Bass, announced a second quarter record with net sales up 16.1 percent hitting $624.7 million, compared to $538.0 million reported in the prior year period.
Meanwhile, net income for the second quarter ended July 31, 2018, reached $10.1 million, or $0.20 per diluted share, compared to a net loss of $8.6 million, reported in the prior year’s comparable period.
“We are pleased to report second quarter results that exceeded our expectations,” said G-III’s Chairman and CEO Morris Goldfarb, in a news statement.
“Our outperformance was driven by excellent results across our wholesale businesses. We are successfully leveraging our five global power brands to deliver market relevant product that resonates with today’s consumers.”
The company has been on a double-digit growth streak ever since it acquired the DKNY and Donna Karan brands, in 2016, from LVMH.
Most recently, in July, the group signed a global licensing agreement for DKNY and Donna Karan New York eyewear with Marchon Eyewear, with the collection set to launch next spring.
In line with its strong sales in the second quarter, G-III also raised its full-year guidance for fiscal 2019. The company now expects net sales to total approximately $3.06 billion, compared to previously forecasted net sales of approximately $2.97 billion. Net income is expected to be between $125 million and $130 million, compared to net income between $112 million and $117 million.
For the third quarter of fiscal 2019 ending October 31, 2018, the company is forecasting net sales of approximately $1.08 billion and net income between $85 million and $90 million.
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