- Prachi Singh |
G-III Apparel Group, Ltd. has announced that its net sales for the fiscal year ended January 31, 2019 increased 9.6 percent to 3.08 billion dollars, while the GAAP net income reached 138.1 million dollars or 2.75 dollars per diluted share, compared to 62.1 million dollars or 1.25 dollars per diluted share, in the prior year. Non-GAAP net income per diluted share was 2.86 dollars compared to 1.60 dollars in the prior fiscal year.
“We are pleased to have reported fourth quarter results that capped off a record year for G-III in which we surpassed 3 billion dollars in annual net sales and achieved record profits fuelled by our five global power brands, DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld,” said Morris Goldfarb, G-III’s Chairman and Chief Executive Officer in a statement.
G-III posts rise in Q4 net sales and profit
For the fourth quarter, net sales increased by 7.3 percent to 766.8 million dollars, while GAAP net income was 24.1 million dollars or 48 cents per diluted share, compared to a net loss of 0.5 million dollars or 1 cent per share, in the fourth quarter last year. Non-GAAP net income per diluted share was 55 cents compared to 26 cents per share in the fourth quarter last year.
For fiscal 2020, the company is forecasting net sales of approximately 3.28 billion dollars and net income between 162 million dollars and 167 million dollars or between 3.18 dollars and 3.28 dollars per diluted share. The company is anticipating non-GAAP net income between 167 million dollars and 172 million dollars or between 3.25 dollars and 3.35 dollars per diluted share. The company is projecting full-year adjusted EBITDA between 307 million dollars and 313 million dollars compared to 269.4 million dollars in fiscal 2019.
For the first fiscal quarter ending April 30, 2019, the company is forecasting net sales of approximately 650 million dollars and net income between 7 million dollars and 12 million dollars or between 13 cents and 23 cents per diluted share. On an adjusted basis, excluding non-cash imputed interest, the company is forecasting a non-GAAP net income between 15 cents and 25 cents per diluted share.
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