Business
G-III Apparel Group, Ltd. Announces First Quarter Fiscal 2024 Results
First Quarter Net Sales and GAAP and Non-GAAP Net Income Per Diluted Share Exceed Expectations G-III Raises Guidance for Fiscal Year 2024 Net Sales of $606.6
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n\nFirst Quarter Net Sales and GAAP and Non-GAAP Net Income Per Diluted Share Exceed Expectations\n\n\n\nG-III Raises Guidance for Fiscal Year 2024\n\n\n\nNet Sales of $606.6 Million for the First Quarter Compared to $688.8 Million Last Year\n\n\n\nNet Income Per Diluted Share of $0.07 for the First Quarter Compared to $0.62 Last Year\n\n\n\nNon-GAAP Net Income Per Diluted Share of $0.13 for the First Quarter Compared to $0.72 Last Year\n\n\n\nAnnounces New Long-Term License for the Halston Brand\n\n\n\n NEW YORK--(BUSINESS WIRE)--\nG-III Apparel Group, Ltd. (NasdaqGS: GIII), a global fashion leader with expertise in design, sourcing, and manufacturing, today announced operating results for the first quarter of fiscal 2024, ended April 30, 2023.\n\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “For the first quarter of fiscal 2024, we exceeded both our top and bottom line guidance with non-GAAP net income per diluted share of $0.13, exceeding the high end of our guidance. We made progress rightsizing our inventory position, which sequentially decreased by $80 million, while our gross margins were significantly better than last year’s first quarter. I am proud of how our team successfully navigated what remains a challenging environment.”\n\n\nMr. Goldfarb continued, “Aligned with our initiative to direct resources toward new growth opportunities, we are pleased to announce a licensing agreement with Xcel Brands for the American heritage fashion brand, Halston. This 25-year master licensing agreement allows G-III to design and produce all categories of product for Halston and provides an option to buy the brand at the end of the licensing term. This agreement represents our third substantial growth opportunity announced this year alongside the re-positioning and global expansion of Donna Karan and a long-term license for Nautica in North America. Development of our Donna Karan and Nautica initiatives is well underway.”\n\n\nMr. Goldfarb concluded, “G-III continues to deliver positive results and we are off to a good start to the new fiscal year. Looking ahead, we are optimistic about our business and, as a result, are raising our guidance. We remain focused on driving our key strategic priorities and continuing to develop new growth opportunities.”\n\n\nResults of Operations\n\n\nNet sales for the first ...