Business
G-III Apparel Group, Ltd. Announces Third Quarter Fiscal 2024 Results
Third Quarter GAAP and Non-GAAP Net Income Per Diluted Share Exceed Guidance Net Sales of $1.07 Billion for the Third Quarter Compared to $1.08 Billion Last
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n\nThird Quarter GAAP and Non-GAAP Net Income Per Diluted Share Exceed Guidance\n\n\n\nNet Sales of $1.07 Billion for the Third Quarter Compared to $1.08 Billion Last Year\n\n\n\nNet Income Per Diluted Share of $2.74 for the Third Quarter Compared to $1.26 Last Year\n\n\n\nNon-GAAP Net Income Per Diluted Share of $2.78 for the Third Quarter Compared to $1.35 Last Year\n\n\n\nRaises GAAP and Non-GAAP Net Income Per Diluted Share Guidance for Fiscal Year 2024\n\n\n\nAppoints Dana Perlman as Chief Growth and Operations Officer\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 third quarter of fiscal 2024, ended October 31, 2023.\n\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “For the third quarter of fiscal 2024, we delivered strong profitability, well exceeding our earnings per diluted share guidance, driven by strength across our wholesale segment, our prudent inventory management and our financial discipline. Our solid year-to-date results showcase G-III’s ability to successfully navigate challenging market conditions and gives us the confidence to raise our full year earnings per share guidance.”\n\n\nMr. Goldfarb concluded, “Over the last twelve months, we have made significant progress accelerating our strategic priorities. We are developing and are on track with four new growth initiatives to drive our business including the expansion of our owned Donna Karan brand, a long-term license for Nautica in North America, a master global licensing agreement for Halston, and a multi-year outerwear license for Champion. The strength of our balance sheet affords us tremendous financial flexibility to invest in our business and consider additional opportunities.”\n\n\nResults of Operations\n\n\nNet sales for the third quarter ended October 31, 2023 decreased 1.0% to $1.07 billion from $1.08 billion in the prior year’s quarter. The Company reported net income for the third quarter of $127.6 million, or $2.74 per diluted share, compared to $61.1 million, or $1.26 per diluted share, in the prior year’s quarter.\n\n\nNon-GAAP net income per diluted share was $2.78 for the third quarter of this year compared to $1.35 in the same period last year. Non-GAAP net income per ...