Mar 23, 2016
G-III Apparel Group: FY16 net sales climb 11%
Mar 23, 2016
For fiscal 2016 ended January 31, 2016, net sales at apparel marketer G-III Apparel Group climbed 11 per cent to $2.34 billion from $2.12 billion in the prior fiscal.
“The full fiscal sales growth was driven by strong performances from many of the company's wholesale businesses, as well as by growth in G.H. Bass & Co. comparable store sales,” the company explained in a press release.
On an adjusted basis, excluding items resulting in other income, equaled to $0.02 per share, net of taxes, and in the previous fiscal equaled to $0.22 per share, net of taxes.
Adjusted EBITDA rose by 13 per cent to $210.1 million as against $186.6 million in fiscal 2015.
Non-GAAP net income per diluted share for the reporting fiscal increased 8 per cent to $2.44 per share from $2.26 in the earlier fiscal.
In fiscal 2016, the company reported GAAP net income of $114.3 million, or $2.46 per diluted share, compared to $110.4 million, or $2.48 per diluted share, in the prior fiscal.
For the fourth fiscal quarter ended January 31, 2016, net sales at G-III grew slower at 3 per cent year over year to $527.4 million.
While net income per diluted share in fourth quarter of fiscal 2016 was $0.17 compared to $0.48 in the fourth quarter last fiscal.
“The increase in net sales was the result of strength in many of the company's wholesale businesses and G.H. Bass retail,” the apparel marketer observed.
“The weaker outerwear sales in the fourth quarter are the primary reason that our sales and profits for the full fiscal were lower than previously forecasted,” the company added.
CEO Morris Goldfarb said, "Fiscal 2016 was a very strong year for us, although we were disappointed by our wholesale and retail outerwear business, which was heavily impacted by the warm winter.”
“That said, we had excellent performances from our non-outerwear Calvin Klein businesses, as well as our dress and team sports businesses,” he too added.
“We have significantly expanded our relationship with the Tommy Hilfiger brand and increased our financial investment and partnership with the Karl Lagerfeld brand,” Goldfarb stated.
“Our organisation is energised by the opportunities in front of us and excited to take advantage of our opportunities in fiscal 2017," the CEO noted.
For fiscal 2017, the company is forecasting net sales of approximately $2.56 billion and net income between $120 million and $125 million, or between $2.55 and $2.65 per diluted share.
The company is also projecting EBITDA for fiscal 2017 to be between $228 million and $236 million.
For the first fiscal quarter ending April 30, 2016, the company is forecasting net sales of approximately $475 million and net income between $0.1 million and $2.4 million, or between $0.00 and $0.05 per diluted share.
This compares to net sales of $433 million and net income of $6.8 million, or $0.15 per diluted share, reported in the first quarter of fiscal 2016.
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