US -based clothing retailer G-III Apparel Group has announced its fourth quarter and full year financial report for the year 2016-17.In the fourth quarter which ended on January 31, 2017, the company noted an increase of 14.4 per cent to US $ 603 million from US $527 million in net sales over the same period last year. The year-over-year increase in net sales reflects the strength in the company’s non-outerwear wholesale business, including new product launches, and the inclusion of approximately US $ 29.0 million of net sales from the DKI business in the last two months of the quarter. These increases were partially offset by declines in net sales of the brand’s retail businesses.
The retailer, which has also released its full year report, noticed a surge of 1.8 per cent to US $ 2.39 billion from US $ 2.34 billion in the previous year for the net sales for the fiscal year ended January 31, 2017. The growth over the prior year was primarily the result of increases in the company’s wholesale non-outerwear business and net sales from the Donna Karan International (“DKI”) business in the last two months of the fiscal year and was offset, in part, by softer demand for outerwear and a decline in net sales in the company’s retail businesses.
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Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel, commented, “Fiscal 2017 was another important year for our company. We completed the acquisition of Donna Karan which made us the owner of two of the world’s most iconic and recognizable power brands in Donna Karan and DKNY. This acquisition further bolsters our value proposition and strengthens our position as an all-season diversified apparel company with a broad portfolio of brands offered in multiple channels of retail distribution.
