For its first quarter, G-III Apparel Group, Ltd. said net sales decreased 36.1 percent to 405.1 million dollars from 633.6 million dollars in the same period last year. The company reported GAAP net loss of 39.3 million dollars or 82 cents per share, compared to net income of 12 million dollars or 24 cents per diluted share, in the prior year’s comparable period.
Commenting on the results, Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said in a statement: “These are challenging times for so many throughout our industry and country. We took proactive steps in response to the Covid-19 outbreak. We reduced our inventory exposure, furloughed a large portion of our employee base and implemented significant temporary reductions in pay for our senior management and employees. We are in a strong financial position. Additionally, we announced the restructuring of our retail operations which, we believe will enable us to reduce our losses and position this segment to ultimately be a profitable contributor to our business.”
The company added that non-GAAP net loss per share was 75 cents for the first quarter compared to non-GAAP net income per diluted share of 25 cents in the same period last year.