×
224
Fashion Jobs
LEVI'S
Key Account Manager
Permanent · London
TOMASZ DONOCIK
Digital Marketing And Sales Coordinator
Permanent · LONDON
PYOU
Wholesale Business Developer/Sales Manager
Permanent · LONDON
SHISEIDO
Demand Planner
Permanent · London
SHISEIDO
Commercial Finance Analyst
Permanent · London
SHISEIDO
Bareminerals Account Manager - bt2, Blanchardstown
Permanent · Chappaqua
SHISEIDO
Bareminerals Account Manager - Moores, Colearine
Permanent · Coleraine
SHISEIDO
Group Business Analyst
Permanent · London
SHISEIDO
Accounts Payable Manager
Permanent · LONDON
RENÉ SCHEIBENBAUER
Studio Assistant Placement
Internship · LONDON
LEVI'S
Sales Stylist London o2 Arena 16 Hours
Permanent · London
HUGO BOSS
Assistant Store Manager - New Cathedral Street, Manchester
Permanent · Manchester
HUGO BOSS
Sales Associate - New Cathedral Street, Manchester
Permanent · Manchester
HUGO BOSS
Sales Associate - Southampton
Permanent · Southampton
HUGO BOSS
Sales Associate - Bristol Cribbs Causeway
Permanent · Bristol
HUGO BOSS
Brand Specialist - Birmingham Bullring
Permanent · Birmingham
HUGO BOSS
Assistant Store Manager - Bicester
Permanent · Oxford
HUGO BOSS
Assistant Store Manager - Bristol Cribbs Causeway
Permanent · Bristol
HUGO BOSS
Supervisor - Milton Keynes
Permanent · Milton Keynes
HUGO BOSS
Brand Specialist - New Cathedral Street, Manchester
Permanent · Manchester
CLERGERIE
Assistant Store Manager (Walton Street)
Permanent · LONDON
MAJE
Sales Assistant, Full Time - Selfridges, London
Permanent · LONDRES
Published
Dec 9, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

G-III sees sales fall 27% in Q3

Published
Dec 9, 2020

G-III Apparel Group, Ltd., the owner of brands including DKNY and Donna Karan, reported net sales of $826.6 million for the third quarter ended October 31, 2020, on Tuesday, as the Covid-19 pandemic continued to take its toll on the company’s operations.


G-III is in the process of restructuring its retail operations - Instagram: @dkny

 
This quarterly total reflected a decrease of 26.7% compared to the $1.13 billion in revenues achieved by the group in the same period in the previous year.
 
G-III is currently restructuring its retail operations, a process which involves the permanent closure of 110 Wilsons Leather and 89 G.H. Bass stores. Net sales at these brands during the third quarter totaled $38.2 million, compared to $59.8 million in the prior-year period. The group expects to complete these store closures before the end of the fiscal year.

Quarterly net income at G-III was $63.2 million, or $1.29 per diluted share, down from $95.4 million, or $1.97 per diluted share, in the previous year’s third quarter.
 
Nonetheless, G-III chairman and CEO Morris Goldfarb was keen to point out that the company has been making progress in its efforts to deal with the impact of the coronavirus crisis.
 
“Our results reflect a significant sequential improvement in the third quarter as we effectively developed product lines that aligned with the shift in consumer demand towards casual, comfortable and functional clothing,” he commented in a release. “We believe our product assortments for our portfolio of global brands are responsive to today’s market trends as we continue to gain market share.”
 
The executive also claimed that the New York-based apparel group is in “a strong financial position,” highlighting that it ended the third quarter with around $800 million of cash and availability under its revolving credit facility.
 
Year to date, G-III’s sales totaled $1.53 billion, down 36.5% from $2.41 billion in the same nine-month period in the previous year. Net income was $8.90 million, or $0.18 per diluted share, falling from $118.55 million, or $2.42 per diluted share, in the prior-year period.
 
Looking to the future, G-III has not provided detailed financial guidance due to the ongoing uncertainty surrounding the development of the Covid-19 pandemic. However, the company did reveal that it expects to see a decline of around 30% in its fourth-quarter sales.

Copyright © 2021 FashionNetwork.com All rights reserved.