US-based G-III Apparel Group, 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, has announced its financial results for the first quarter of fiscal 2019.
During the fiscal under review, the fashion group reported an increase of 16 per cent in net sales to US $ 611.7 million as compared to US $ 529.0 million in the corresponding period last year.
Net income during the quarter under review stood at US $ 9.9 million as compared to a net loss of US $ 10.4 million in the same quarter last year.
Non-GAAP net income for the retailer during the fiscal under review remained US $ 0.22 per diluted share as compared to a non-GAAP net loss of US $ 0.18 per share in the same quarter previous year.
For the second quarter, the retailer is expecting to note net sales of around US $ 590 million and net income or loss between a net loss of US $ 3.5 million and net income of US $ 1.5 million.
In view of the performance in the first quarter, G-III Apparel estimates its net sales to be around US $ 2.97 billion and net income between US $ 112 million and US $ 117 million in fiscal 2019.
The company earlier predicted net sales of around US $ 2.94 billion and net income between US $ 97 million and US $ 102 million for fiscal 2019.
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