G-III’s quarterly earnings come in over estimates
G-III Apparel Group, Ltd., the owner of DKNY, Donna Karan and Vilebrequin, among other brands, announced on Thursday that it achieved net income of $25.3 million or $0.52 per diluted share, in the fourth quarter ended January 31, 2020, beating Wall Street’s expectations.
The company’s latest quarterly earnings represented a 5.0% increase compared to the $24.1 million, or $0.48 per diluted share, reported by the group in the prior-year period. Adjusted earnings per share were $0.75, above the $0.67 predicted by FactSet analysts and cited by MarketWatch.
Quarterly net sales totaled $754.6 million, down 1.6% from $766.8 million in the previous year, with growth being driven principally by the company’s wholesale segment.
For the full fiscal year 2020, G-III’s net sales rose 2.7% to $3.16 billion, up from $3.08 billion in the prior-year period, while net income was $143.8 million, or $2.94 per diluted share, up from $138.1 million, or $2.75 per diluted share, in Q4 2019.
“We continue towards the restructuring of our retail operations,” explained G-III chairman and CEO Morris Goldfarb in a release. “We are focused on significantly reducing the number of stores we operate and remain committed to substantially reducing the losses from our retail operations as swiftly and efficiently as possible.”
Like many U.S.-based companies, G-III has temporarily closed its retail stores in response to the health threat posed by the ongoing Covid-19 pandemic. The company has also shut its offices, with corporate employees continuing to work remotely.
As a result of the ongoing uncertainty surrounding the aforementioned health crisis, G-III, which aside from its portfolio of owned brands, also holds licenses for the Calvin Klein, Tommy Hilfiger and Karl Lagerfeld brands, has not provided any financial guidance for the fiscal year currently in progress.
The company plans to provide further information about its outlook when it reports its first-quarter results.
Copyright © 2021 FashionNetwork.com All rights reserved.