G-III records 'strongest year' in company history as annual sales, profits surge
G-III Apparel Group said on Thursday net sales for fiscal 2022 surged 35%, on the back of even stronger sales in the fourth quarter, as the U.S fashion group said it recorded its "strongest year" in company history.
New York-based GIII Apparel said net sales for the fiscal year ended January 31, 2022 increased 35% to $2.77 billion, from $2.06 billion in the prior year. During the twelve months, the company also reported net income of $200.6 million, or $4.05 per diluted share, catapulting from $23.5 million, or $0.48 per diluted share, in the prior year.
Likewise, net sales for the fourth quarter increased 42% to $748.2 billion, up from $526.2 million in the fourth quarter last year. The owner of DKNY, Sonia Rykiel and Karl Lagerfeld Paris brands said quarterly net income totalled $48.4 million, or $0.98 per diluted share, compared to $14.6 million, or $0.30 per diluted share.
"Fiscal year 2022 was a testament to the power of G-III. We continued to build upon our strong foundation and delivered our highest annual net income per diluted share in our company’s history," said Morris Goldfarb, G-III’s chairman and chief executive officer.
"We captured market share by anticipating demand and working with retail partners, despite the significant supply chain challenges. We are in a strong financial position affording us the flexibility to continue to invest in our future. Capping off the strongest year in our company’s history, I could not be prouder of what our world-class team has accomplished," added Goldfarb.
For fiscal 2023, the company said it expects net sales of approximately $3 billion and net income between $205 million and $215 million, or between $4.20 and $4.30 per diluted share.
"Looking ahead, we are optimistic about the momentum of our business and the many opportunities for growth which gives us confidence in our outlook for the upcoming fiscal year 2023," continued Goldfarb.
"Our ability to unlock the potential of our brands will continue to fuel our growth and further elevate our position as a leader in fashion.”
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