US-based G-III Apparel Group has reported an exceptional third-quarter financial result.
The company is a manufacturer and distributor of apparel and accessories under licensed, owned and private fashion brands such as Donna Karan, DKNY, Andrew Marc, Marc New York, Eliza J and Jessica Howard, to name a few.
The unexpected outcome during the reporting quarter ended October 31, 2017, has compelled the company to further to increase its expected figures for fiscal 2018.
During the quarter under review, G-III Apparel recorded a 16 per cent rise in its sales to US $ 1.02 billion compared to US $ 883.5 million in the third quarter of 2016.
The company’s net income reached US $ 81.6 million during the quarter as against US $ 70.6 million in the corresponding period last year.
In view of the excellent performance in the third quarter, G-III Apparel estimates its net sales to be around US $ 2.80 billion and net income between US $ 66 million and US $ 71 million in 2018 fiscal.
“Our third quarter results surpassed our expectations. The execution of our strategies with well-known brands fructified helped us garner growth. Our commitments have served us well and will continue to illuminate our path to long-term success,” said Morris Goldfarb, G-III’s Chairman and Chief Executive Officer.
The final quarter is also expected to do well for the company as the holiday sales will further boost the figures.