- Prachi Singh |
For the third quarter ended October 31, 2017, G-III reported that net sales increased 16 percent to 1.02 billion dollars. This increase, the company said, includes net sales of approximately 88 million dollars of our DKNY and Donna Karan products. The company's net income increased to 81.6 million dollars or 1.65 dollars per diluted share from 70.6 million dollars or 1.50 dollars per diluted share, in the prior year's comparable period. Non-GAAP net income per share for the third quarter of fiscal 2018 was 1.67 dollars.
"We have executed our strategy with well-known brands and compelling product in an environment that remains challenging across our industry. Our products are selling well as we head into the holiday season and we expect to close the year with improved results and sustained momentum,” said Morris Goldfarb, G-III's Chairman and Chief Executive Officer in a media release.
G-III Apparel Group raises earnings outlook
The company has increased its prior net income guidance for the full fiscal year ending January 31, 2018. The company continues to forecast net sales of approximately 2.80 billion dollars and is now forecasting net income between 66 million dollars and 71 million dollars or between 1.33 dollars and 1.43 dollars per diluted share. The company previously forecasted net income between 56 million dollars and 60 million dollars, or between 1.11 dollars and 1.21 dollars per diluted share.
On an adjusted basis, excluding transitional and imputed interest expenses, the Company now anticipates non-GAAP net income of between approximately 71 million dollars and 76 million dollars or between 1.42 dollars and 1.52 dollars per diluted share. The company's previous forecast was for non-GAAP net income of between approximately 64 million dollars and 69 million dollars or between 1.28 dollars and 1.38 dollars per diluted share.
The company is now forecasting projected full-year adjusted EBITDA between 188 million dollars and 196 million dollars compared to adjusted EBITDA of 148.1 million dollars in fiscal 2017 and compared to its previous forecast of adjusted EBITDA of between 180 million dollars and 188 million dollars.