G-III caps off ‘strongest year’ with Q4 sales, profit growth

US fashion group G-III Apparel has reported strong sales and profit growth in the fourth quarter of fiscal 2022, capping off what its CEO called the “the strongest year in our company’s history”.

The Nasdaq-listed company, which owns brands DKNY and Donna Karan, reported net sales of 748.2 million dollars in the quarter ending January 31, a 42 percent increase from a year ago, while net income increased to 48.4 million dollars from 14.6 million dollars.

For the full year, net sales reached 2.77 billion dollars, a 35 percent increase from the prior year, while its net income widened significantly to 200.6 million dollars, up from 23.5 million dollars.

“Fiscal year 2022 was a testament to the power of G-III,” said the group’s chair and CEO Morris Goldfarb. “We continued to build upon our strong foundation and delivered our highest annual net income per diluted share in our company’s history.”

Goldfarb said that despite “significant supply chain challenges” the company managed to capture market share by anticipating demand and working with its retail partners.

“Capping off the strongest year in our company’s history, I could not be prouder of what our world-class team has accomplished,” Goldfarb said.

Looking ahead, Goldfarb said the business is “optimistic” about its momentum and its outlook for the coming year.

For fiscal 2023, the company expects net sales of approximately 3 billion dollars, and net income of between 205 million dollars and 215 million dollars.

G-III added that it has no direct operations in Russia or Ukraine, so it expects exposure from sales to this area to have an “immaterial impact” on its outlook.