Business
G-III Apparel Group, Ltd. Reports Third Quarter Fiscal 2025 Results Above Guidance; Updates Fiscal 2025 Outlook
Third Quarter GAAP and Non-GAAP Net Income Per Diluted Share Exceed GuidanceNet Sales of $1.09 Billion for the Third Quarter Compared to $1.07 Billion Last
About this update from G-iii Apparel Group, Ltd.
[{"type":"text","content":"Third Quarter GAAP and Non-GAAP Net Income Per Diluted Share Exceed GuidanceNet Sales of $1.09 Billion for the Third Quarter Compared to $1.07 Billion Last YearNet Income Per Diluted Share of $2.55 for the Third Quarter Compared to $2.74 Last YearNon-GAAP Net Income Per Diluted Share of $2.59 for the Third Quarter Compared to $2.78 Last YearRaises GAAP and Non-GAAP Net Income Per Diluted Share Guidance for Fiscal 2025 NEW YORK, Dec. 10, 2024 (GLOBE NEWSWIRE) -- G-III Apparel Group, Ltd. (NasdaqGS: GIII) today reported results for the third quarter of fiscal 2025 ended October 31, 2024. Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “I am very pleased with our strong third quarter results, with earnings per diluted share exceeding our expectations, driven by over 30% organic growth of our key owned brands DKNY, Karl Lagerfeld, Donna Karan and Vilebrequin. The power of our transforming business model is delivering margin expansion and bottom-line outperformance. Our teams continue to demonstrate strong execution despite a challenging consumer environment, unseasonable weather and supply chain disruptions. As we have progressed into the fourth quarter, we have experienced strengthening sell-throughs across our brands, and our inventories are well-positioned to support demand for the remaining holiday and early Spring season.” Mr. Goldfarb concluded, “Looking at the remainder of the year, given our significant third quarter earnings outperformance, we are once again raising our earnings per diluted share guidance for fiscal 2025. Our proven track record of success and our strong balance sheet give us ample flexibility to invest in long-term opportunities to expand our business, while delivering on our commitment to drive long-term sustainable growth and shareholder value.” Results of Operations Third Quarter Fiscal 2025 Financial Results Net sales for the third quarter ended October 31, 2024 increased 1.8% to $1.09 billion compared to $1.07 billion in the prior year’s third quarter. Net income for the third quarter ended October 31, 2024 was $114.8 million, or $2.55 per diluted share, compared to $127.6 million, or $2.74 per diluted share, in the prior year’s third quarter. Non-GAAP net income per diluted share was $2.59 for the third quarter ended October 31, 2024 compared to $2.78 in the same period last year...