Leading manufacturer and distributor of apparel and accessories under licensed brands, owned brands and private label brands, G-III Apparel Group has revealed its results for the first quarter of fiscal 2017 ended April 30, 2016.
As per the company release, the retailer’s net sales zoomed 6 per cent to a first quarter record of US $ 457.4 million compared to US $ 433.0 million in the same period last year. Its net income in the reporting period stood at US $ 2.8 million compared to US $ 6.8 million in the corresponding period last year.
Commenting on the results, Morris Goldfarb, G-III’s Chairman, Chief Executive Officer and President, said, “Fiscal 2017 got off to a strong start in our wholesale business, particularly with respect to our Calvin Klein products and our dress businesses including Eliza J and the newly launched Tommy Hilfiger dress line. Although our own retail businesses did not perform to plan, we expect many of the measures we are taking to improve top and bottom line performance for these businesses in the second half of the year. We are looking forward to our upcoming multi-category product launches for Tommy Hilfiger, as well as further penetration and distribution of the Karl Lagerfeld brand.”
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The company expects net sales of approximately US $ 2.56 billion and net income between US $ 120 million and US $ 125 million for full fiscal 2017. For its second fiscal quarter, G-III forecasts net sales of approximately US $ 485 million compared to US $ 473.9 million in the same quarter last year. “We believe that our leadership in product design, merchandising and sourcing will continue to drive our strong sell-through performance in department stores. In spite of the challenging retail climate, we are positioned well to continue to build our wholesale business, and remain confident with respect to our financial performance and forecast for the full year,” asserted Goldfarb.
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