G-III Apparel Group Ltd., leading manufacturer and distributor of apparel and accessories, has updated its net sales and net income estimates for fourth quarter and full fiscal year ending January 31, 2017.
The company’s net sales from retail operations segment in fourth quarter are expected to be less than anticipated due to unseasonably warm weather in the first part of the quarter, persistent lower traffic, issues with respect to the design and merchandising of accessories sold at the Wilsons stores, and an overall challenging retail environment.
Also, positive comparative sales increases in the low single digits were anticipated for both the Wilsons and Bass retail chains, which is now projected anticipates to be down low-double digits for Wilsons and down mid-single digits for G.H. Bass.
Consequently, G-III now expects the retail operations segment to experience a decrease in net sales of approximately US $ 20 million and a decrease in net income of approximately US $ 10 million in the fourth quarter.
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For the full fiscal, the company is now forecasting net sales of approximately US $ 2.41 billion and net income between US $ 57-62 million, compared to the previous guidance of net sales of approximately US $ 2.43 billion and net income between US $ 67-72 million.
G-III’s owned brands include Donna Karan, DKNY, Vilebrequin, Andrew Marc, Marc New York, Bass, G.H. Bass, Weejuns, G-III Sports by Carl Banks, Eliza J, Black Rivet and Jessica Howard. It also has fashion licenses under the Calvin Klein, Tommy Hilfiger, Karl Lagerfeld, Kenneth Cole, Cole Haan, Guess?, Jones New York, Jessica Simpson, Vince Camuto, Ivanka Trump, Ellen Tracy, Kensie, Levi’s and Dockers brands.
