Business
G-III Apparel Group, Ltd. Announces Second Quarter Fiscal 2021 Results
— Issued Senior Secured Notes Due 2025, Enhancing Financial Flexibility and Liquidity — — Commenced Store Liquidations Associated with Closing of Wilsons
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n— Issued Senior Secured Notes Due 2025, Enhancing Financial Flexibility and Liquidity —\n\n\n— Commenced Store Liquidations Associated with Closing of Wilsons Leather and G.H Bass Stores —\n\n\n— GAAP Loss Per Share of $(0.31) is inclusive of $(0.53) Per Share Losses Related to Wilsons Leather and G.H. Bass Store Operations —\n\n\n— Expects Net Sales to Decline in the Range of 28% - 33% in the Second Half of the Fiscal Year Compared to the Same Period Last Year —\n\n NEW YORK--(BUSINESS WIRE)--\nG-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced operating results for the second quarter of fiscal 2021 ended July 31, 2020.\n\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “The pandemic has had a major impact on the fashion industry and our second quarter results. Our customers now prefer casual, comfortable and functional attire. Through our broad range of brands and product categories, G-III is able to capitalize on these changing trends. We have reset our order book for the balance of the year and shifted our product assortment to athleisure, jeans, casual sportswear and coats.”\n\n\nMr. Goldfarb concluded, “We refinanced our balance sheet and extended the maturity of our revolving credit facility and term debt to 2025. In addition, the closure of Wilsons Leather and G.H. Bass stores, expected to be completed by the end of this fiscal year, will result in the elimination of significant operating losses. I am confident that as we navigate through the pandemic, our financial strength and dedicated management team will further advance our leadership position and set the stage for future market share gains.”\n\n\nNet sales for the second quarter ended July 31, 2020 decreased 53.8% to $297.2 million from $643.9 million in the same period last year. The Company reported a net loss for the second quarter of $15.0 million, or $(0.31) per share, compared to net income of $11.1 million, or $0.23 per diluted share, in the prior year’s comparable period.\n\n\nAs previously announced, the Company is restructuring its retail operations segment, which includes permanently closing 110 Wilsons Leather and 89 G.H. Bass stores. Like most retail stores, these stores were closed in mid-March in connection with the COVID-19 pandemic and did not begin to reopen until June. Net sales for the second quarter ended July 3...