Business
G-III Apparel Group, Ltd. Announces Third Quarter Fiscal 2022 Results
— Increases Guidance for Fiscal Year 2022 and Expects Highest Annual Earnings in Company History — — Net Sales and Net Income Per Diluted Share for the Third
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n— Increases Guidance for Fiscal Year 2022 and Expects Highest Annual Earnings in Company History —\n\n— Net Sales and Net Income Per Diluted Share for the Third Quarter Exceed Guidance —\n\n— Net Sales of $1.02 Billion for the Third Quarter vs. $826.6 Million Last Year —\n\n— Net Income Per Diluted Share of $2.16 for the Third Quarter vs. $1.29 Last Year —\n\n NEW YORK--(BUSINESS WIRE)--\nG-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced operating results for the third quarter of fiscal 2022, ended October 31, 2021.\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “The strong momentum in our business in the first half continues, as we delivered outstanding third quarter results with both top and bottom line exceeding our guidance. Given the strong demand we are seeing across our brands, we are well positioned for the holiday season. We are raising our full year guidance and expect to deliver our highest annual earnings in our company’s history.”\n\nMr. Goldfarb concluded, “Our world-class team continues to maintain tremendous flexibility and is delivering the right product at the right time across our diversified distribution channels. We believe we will enter the new fiscal year in our strongest financial position ever, affording us flexibility to further expand our global reach and increase shareholder value.”\n\nNet sales for the third quarter ended October 31, 2021 increased 22.8% to $1.02 billion from $826.6 million in the prior year’s quarter. The Company reported net income for the third quarter of $106.7 million, or $2.16 per diluted share, compared to $63.2 million, or $1.29 per diluted share, in the prior year’s quarter.\n\nThe Company completed the restructuring of its retail operations segment during fiscal 2021 and closed its Wilsons Leather and G.H. Bass stores. Included in the Company’s results for the third quarter of last year are net losses from the Wilsons Leather and G.H. Bass store operations of $12.0 million, or $(0.25) per diluted share. These results reflect direct store operations including impairment charges, but do not include any allocated corporate overhead charges, shared administrative expenses or shared distribution expenses. These operating results for Wilsons Leather and G.H. Bass are presented solely to provide the historical operating results of the portion of...