Business
G-III Apparel Group, Ltd. Announces Second Quarter Fiscal 2024 Results
Second Quarter Net Sales and GAAP and Non-GAAP Net Income Per Diluted Share Exceed Guidance Net Sales of $659.8 Million for the Second Quarter Compared to
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n\nSecond Quarter Net Sales and GAAP and Non-GAAP Net Income Per Diluted Share Exceed Guidance\n\n\n\nNet Sales of $659.8 Million for the Second Quarter Compared to $605.2 Million Last Year\n\n\n\nNet Income Per Diluted Share of $0.35 for the Second Quarter Compared to $0.74 Last Year\n\n\n\nNon-GAAP Net Income Per Diluted Share of $0.40 for the Second Quarter Compared to $0.39 Last Year\n\n\n\nRaises Guidance for Fiscal Year 2024\n\n\n\nAnnounces New Multi-Year Outerwear License for the Champion Brand\n\n\n\n NEW YORK--(BUSINESS WIRE)--\nG-III Apparel Group, Ltd. (NasdaqGS: GIII), a global leader in fashion with expertise in design, sourcing, and manufacturing, today announced results for the second quarter of fiscal 2024, ended July 31, 2023.\n\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “For the second quarter of fiscal 2024, we once again beat both our top and bottom line guidance and made progress on our strategic priorities. Our first half performance further validates G-III’s ability to successfully navigate what remains a dynamic environment. I am immensely proud of our team’s consistently strong execution.”\n\n\nMr. Goldfarb continued, “We are pleased to announce our newest license agreement with HanesBrands to produce an outerwear collection for the Champion brand. Champion is a well-recognized iconic American brand. Our collections will feature quality heritage pieces that complement and enhance Champion’s principles of self-expression. This license aligns with G-III's core competencies in outerwear and will fit seamlessly into our well-developed outerwear divisions.”\n\n\nMr. Goldfarb concluded, “G-III closed out a strong first half of our year, giving us confidence to once again raise our outlook. Our balance sheet provides us with financial flexibility to invest in our business and consider additional opportunities. Agility is at the heart of everything we do at G-III and I am confident that we will continue to evolve, regardless of external factors. We will continue to drive our business forward and expect to deliver strong results for our shareholders.”\n\n\nResults of Operations\n\n\nNet sales for the second quarter ended July 31, 2023 increased 9% to $659.8 million from $605.2 million in the prior year’s quarter. The Company reported net income for the second quarter of $16.4 millio...