Business
G-III Apparel Group, Ltd. Reports Second Quarter Fiscal 2025 Results Above Guidance; Updates Fiscal 2025 Outlook
Net Sales of $644.8 Million for the Second Quarter Compared to $659.8 Million Last YearSecond Quarter GAAP and Non-GAAP Net Income Per Diluted Share Exceed
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"Net Sales of $644.8 Million for the Second Quarter Compared to $659.8 Million Last YearSecond Quarter GAAP and Non-GAAP Net Income Per Diluted Share Exceed GuidanceRaises GAAP and Non-GAAP Net Income Per Diluted Share Guidance for Fiscal Year 2025Repaid $400 Million Senior Secured Notes Due August 2025Repurchased 1.2 Million Shares of the Company’s Common Stock for $31.6 MillionAnnounces New Global Apparel License for the Converse Brand NEW YORK, Sept. 05, 2024 (GLOBE NEWSWIRE) -- G-III Apparel Group, Ltd. (NasdaqGS: GIII) today reported results for the second quarter of fiscal 2025 ended July 31, 2024. Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We delivered a strong first half of the year. Our second quarter non-GAAP net income per diluted share of $0.52 exceeded our expectations, led by our owned brands. DKNY and Karl Lagerfeld collectively grew double-digits and the Donna Karan relaunch has been incredibly successful, in addition to continued solid performance with healthy sell-throughs across the rest of our business.” Mr. Goldfarb concluded, “Having the most desirable brands is central to our strategy and I am pleased with the transition to our go-forward portfolio, which will continue to evolve for the future. Our new businesses are working, and I am excited to announce a licensing agreement for Converse, Inc., a globally recognized American youth lifestyle brand. This new partnership represents a significant opportunity to expand our active lifestyle category while leveraging our core capabilities to build a global apparel business. The powerful combination of our brands, our business model and diverse growth drivers, together with our agility, operating discipline and strong foundation give us confidence that our strategy will deliver long-term shareholder value.” Mr. Goldfarb concluded, “Given our second quarter earnings per diluted share outperformance, we are reaffirming our fiscal year 2025 net sales and, once again, raising our earnings per diluted share outlook. Despite the uncertain macroeconomic environment, we remain optimistic about the remainder of the year and our orderbook is in a good position for the important Fall and Holiday seasons.” Results of Operations Second Quarter Fiscal 2025 Financial Results Net sales for the second quarter ended July 31, 2024 decreased 2% to $644.8 mi...