Business
G-III Apparel Group, Ltd. Announces First Quarter Fiscal 2022 Results
— Net Sales and Net Income Per Share for the First Quarter Exceed Expectations — — Net Sales of $519.9 Million for the First Quarter vs. $405.1 Million Last
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n— Net Sales and Net Income Per Share for the First Quarter Exceed Expectations —\n\n— Net Sales of $519.9 Million for the First Quarter vs. $405.1 Million Last Year —\n\n— Net Income Per Diluted Share of $0.53 for the First Quarter vs. a Net Loss Per Share of ($0.82) Last Year —\n\n— Ends First Quarter With Cash and Credit Facility Availability of Approximately $860 Million —\n\n— Provides Guidance for Fiscal Year 2022 —\n\n NEW YORK--(BUSINESS WIRE)--\nG-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced operating results for the first quarter of fiscal 2022, ended April 30, 2021.\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We were pleased with our strong outperformance in the first quarter of this fiscal year. With each passing week, sales for broader lifestyle apparel, such as sportswear, wear-to-work attire and dresses, are accelerating and our overall business in North America is getting stronger. We believe these trends provide a good indication for the remainder of the year and give us confidence that we and our industry are well on our way to recovery. We believe we are well positioned to capitalize on consumer demand as the year progresses and are optimistic about this fiscal year.”\n\nMr. Goldfarb concluded, “Reflecting upon the last year and the difficult challenges posed by the global pandemic, it is impressive to see how effectively we navigated through this period, demonstrating the power and diversification of G-III’s business to adapt and succeed in any environment. As the world reopens, we are in a strong financial position, which we believe will allow us to fund our growth domestically and internationally and enable us to take advantage of opportunities that arise.”\n\nNet sales for the first quarter ended April 30, 2021 increased 28.3% to $519.9 million from $405.1 million in the prior year’s quarter. The Company reported net income for the first quarter of $26.3 million, or $0.53 per diluted share, compared to a net loss of $39.3 million, or $(0.82) per share, in the prior year’s quarter.\n\nThe Company completed the restructuring of its retail operations segment and has closed the Wilsons Leather and G.H. Bass stores. Included in the Company’s results for the first quarter of last year are net losses from the Wilsons Leather and G.H. Bass store operations of $15.0 million...