Business
G-III Apparel Group, Ltd. Announces Fourth Quarter and Full-year Fiscal 2023 Results
Announces Two Growth Opportunities: Re-Positioning and Expansion of Donna Karan and New Long-Term License for the Nautica Brand Net Sales of $3.23 Billion
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n\nAnnounces Two Growth Opportunities: Re-Positioning and Expansion of Donna Karan and New Long-Term License for the Nautica Brand\n\n\nNet Sales of $3.23 Billion for Fiscal Year 2023 Compared to $2.77 Billion Last Year\n\n\nNet Loss of $(133.1) Million for Fiscal Year 2023, or $(2.79) Per Share, Compared to Net Income of $200.6 Million, or $4.05 Per Diluted Share, in the Prior Year. This Year’s Results Include a $291.5 Million, or $6.12 per share, Non-Cash Goodwill Impairment Charge, Net of Tax\n\n\nNon-GAAP Net Income Per Diluted Share of $2.85 for Fiscal Year 2023 Compared to $4.20 Last Year\n\n\nProvides Guidance for First Quarter and Full Fiscal Year 2024\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 fourth quarter and full fiscal year ended January 31, 2023.\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “In fiscal year 2023, we made significant progress on our strategic priorities as we leveraged G-III’s expertise and agility to capture a number of opportunities, despite a challenging environment. We successfully shifted our category focus based on market demand and expanded our brand ownership and global reach with our Karl Lagerfeld acquisition. For fiscal year 2023, we registered net sales of $3.23 billion, up 17% to the prior year and we reported non-GAAP net income per diluted share of $2.85.”\n\nMr. Goldfarb continued, “We have been directing resources toward several new opportunities and are pleased to announce two new initiatives: the re-positioning and expansion of the Donna Karan brand and a new long-term license with Authentic Brands Group for Nautica. Donna Karan and Nautica are two of the most recognized American lifestyle brands with significant opportunity in the women’s space. Our track record of having successfully grown major brands to more than $3 billion in net sales today, gives us confidence in our ability to unlock the potential of both Donna Karan and Nautica.”\n\nMr. Goldfarb concluded, “G-III has a proven ability to successfully drive our business forward in an ever-changing landscape, as well as being a partner of choice for brands and retailers. We ended fiscal year 2023 in a strong financial position with approximate...