G-III Apparel Group has reported a 25 percent increase in net sales in the second quarter to 605.2 million dollars.
The company reported net income of 36.3 million dollars or 74 cents per diluted share, compared to 19.2 million dollars or 39 cents per diluted share in the prior year’s quarter. Non-GAAP net income per diluted share was 39 cents compared to 41 cents in the same period last year.
Commenting on the trading update, Morris Goldfarb, G-III’s chairman and CEO, said: “We are pleased to have completed our previously announced acquisition of the remaining 81 percent of the iconic Karl Lagerfeld brand, further expanding our global reach. In the second quarter of fiscal 2023, we continued to see significant year-over-year sales growth across our power brands.”
Updated FY outlook
Updating its guidance for the fiscal year ending January 31, 2023, the company said it now expects net sales of approximately 3.15 billion dollars and net income of between 182 million dollars and 187 million dollars or between 3.69 dollars and 3.79 dollars per diluted share.
The company is anticipating non-GAAP net income for fiscal 2023 of between 177 million dollars and 182 million dollars or between 3.60 dollars and 3.70 dollars per diluted share.
The company is projecting full-year adjusted EBITDA of between 318 million dollars and 323 million dollars compared to 350.2 million dollars in fiscal 2022.
For the third quarter, the company expects net sales of approximately 1.07 billion dollars compared to 1.02 billion dollars in the same period last year and net income to be between 83 million dollars and 88 million dollars or 1.70 dollars and 1.80 dollars per diluted share.
The company is anticipating non-GAAP net income for the third quarter of between 87 million dollars and 92 million dollars or between 1.80 dollars and 1.90 dollars per diluted share.