Business
G-III Apparel Group, Ltd. Announces First Quarter Fiscal 2021 Results
— Strong Financial Flexibility and Liquidity — — Proactive Steps Taken in Response to COVID-19 Outbreak — — Announced Restructuring of Retail Segment — NEW
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n— Strong Financial Flexibility and Liquidity —\n\n\n— Proactive Steps Taken in Response to COVID-19 Outbreak —\n\n\n— Announced Restructuring of Retail Segment —\n\n NEW YORK--(BUSINESS WIRE)--\nG-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced operating results for the first quarter of fiscal 2021 ended April 30, 2020.\n\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “These are challenging times for so many throughout our industry and country. G-III is an adaptive and agile organization with an entrepreneurial culture that keeps us flexible. These traits have allowed us to quickly make prudent decisions to preserve our liquidity. We took proactive steps in response to the COVID-19 outbreak. We reduced our inventory exposure, furloughed a large portion of our employee base and implemented significant temporary reductions in pay for our senior management and employees. We are in a strong financial position. We believe we will demonstrate our leadership position in the fashion industry as we emerge from this crisis. I want to thank our employees throughout the world for working remotely and harder than ever with incredible dedication, drive, compassion and care in order to keep us operational. They are the heart and soul of our company and our greatest asset.”\n\n\nMr. Goldfarb concluded, “Additionally, in another significant step, today we announced the restructuring of our retail operations which we believe will enable us to reduce our losses and position this segment to ultimately be a profitable contributor to our business. Importantly, we operate a sizable wholesale business that has globally recognized brands that are in demand. Our wholesale segment ended fiscal year 2020 with over $2.86 billion in annual net sales. We have a great base to build upon and, along with a more streamlined retail operation, will create a strong foundation for our future.”\n\n\nNet sales for the first quarter ended April 30, 2020 decreased 36.1% to $405.1 million from $633.6 million in the same period last year. The Company reported GAAP net loss for the first quarter of $39.3 million, or $(0.82) per share, compared to net income of $12.0 million, or $0.24 per diluted share, in the prior year’s comparable period.\n\n\nNon-GAAP net loss per share was $(0.75) for the first quarter of this year compared to non-GAA...