Business
G-III Apparel Group, Ltd. Reports Fourth Quarter and Full-Year Fiscal 2024 Results; Provides Fiscal 2025 Outlook
Net Sales of $3.10 Billion for Fiscal Year 2024 Compared to $3.23 Billion Last Year Net Income Per Diluted Share of $3.75 for Fiscal Year 2024 Compared to a
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"\n\nNet Sales of $3.10 Billion for Fiscal Year 2024 Compared to $3.23 Billion Last Year\n\n\n\nNet Income Per Diluted Share of $3.75 for Fiscal Year 2024 Compared to a Net Loss of $(2.79) Per Share Last Year and Meets Guidance\n\n\n\nNon-GAAP Net Income Per Diluted Share of $4.04 for Fiscal Year 2024 Compared to $2.85 Last Year and Exceeds Guidance\n\n\n\nEnded Fiscal Year 2024 in a Net Cash Position of $90.0 Million With Over $1.00 Billion in Liquidity\n\n\n\nInventories Decreased 27% Compared to Last Year\n\n\n\n NEW YORK--(BUSINESS WIRE)--\nG-III Apparel Group, Ltd. (NasdaqGS: GIII) today reported results for the fourth quarter and full fiscal year ended January 31, 2024.\n\n\nMorris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “This year was important for G-III as we began to execute on our path for the future, while delivering strong profitability. We delivered strong growth with DKNY, Karl Lagerfeld and Vilebrequin, increasing penetration of our higher margin, owned brands to 47% of fiscal 2024 net sales, up from 40% last year. Our diverse business model and disciplined operating approach has allowed us to further strengthen our credit profile as we ended the year in a net cash position, with over a billion dollars in liquidity. We began to implement our new growth initiatives with the successful launch of our Donna Karan brand and the development of three new additions to our portfolio, Nautica, Halston and Champion outerwear, all of which we have recently brought to market with first deliveries in fiscal 2025.”\n\n\nMr. Goldfarb concluded, “Looking ahead, we are optimistic about fiscal year 2025, with the launches of our new initiatives and the continued organic growth of our owned brands. As we build new brands, we will invest in high-impact global marketing to support our brands and their launches, as well as in talent and technology to enhance our operational capabilities. We have the financial flexibility to invest in our growth, and in our new initiatives as well as to explore strategic opportunities. I am confident in our path forward and in our ability to deliver long-term growth.”\n\n\nResults of Operations\n\n\nFourth Quarter Fiscal 2024\n\n\nNet sales for the fourth quarter ended January 31, 2024 decreased 10.5% to $764.8 million from $854.4 million in the prior year’s quarter. Net income for t...