In the third quarter, G-III Apparel Group reported a 1.8 per cent increase in net sales, reaching US $ 1.09 billion. The company’s net income for the period was US $ 114.8 million, or US $ 2.55 per diluted share.
The company reports that non-GAAP net income per diluted share decreased from US $ 2.78 to US $ 2.59 for the quarter compared to the same period previous year.
Morris Goldfarb, G-III’s chairman and CEO, expressed satisfaction with the company’s strong third-quarter performance. He highlighted that earnings per diluted share surpassed expectations, largely due to more than 30 percent organic growth from key owned brands, including DKNY, Karl Lagerfeld, Donna Karan, and Vilebrequin.
For the upcoming year, G-III projects net sales to grow by about 2 per cent, reaching approximately US $ 3.15 billion. The company expects net income to fall between US $ 185 million and US $ 190 million, with diluted earnings per share ranging from US $ 4.08 to US $ 4.18.
Non-GAAP net income for fiscal 2025 is forecasted to be between US $ 186 million and US $ 191 million, or diluted earnings per share between US $ 4.10 and US $ 4.20.
