On the back of a robust Q4, US fashion retailer GIII Apparel has reported a significant increase of 35 percent in net sales for fiscal year 2022 to clock US $ 2.77 billion.
The retailer said that 2022 was its strongest year in company history.
The year also saw GIII Apparel’s net income touch a good US $ 200.6 million – jumping from US $ 23.5 million posted a year ago.
The Q4 had seen the retailer’s net sales rise year-on-year by 42 per cent to US $ 748.2 million from US $ 526.2 million.
The Q4 net income was US $ 48.4 million, while the same was US $ 14.6 million in the same quarter a year earlier.
Elated over the good numbers, Morris Goldfarb, Chairman and CEO, GIII Apparel, said that the firm was financially in a robust position and had enough flexibility to further invest in its future growth.
Morris added “Capping off the strongest year in our company’s history, I could not be prouder of what our world-class team has accomplished.”
Moving forward, GIII Apparel expects fiscal 2023 net sales to be around US $ 3 billion and net income somewhere between US $ 205 million and US $ 215 million.
G-III Apparel Group designs, manufactures and markets women’s and men’s apparel in the US and globally via a portfolio of highly recognisable proprietary and licensed brand names, including Guess?, DKNY, Calvin Klein, Tommy Hilfiger and Andrew Marc, amongst others.
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