G-III Apparel Group, an American clothing firm with design, sourcing and manufacturing capabilities, has released operating results for the first quarter of fiscal 2023, which ended 30 April 2022.
Net sales for the first quarter increased 32.5 per cent to US $688.8 million from US $519.9 million in the prior year’s quarter.
The company reported a net income of US $30.6 million in the first quarter, up from US $26.3 million in the previous year’s quarter. Sales of the company’s strong brands DKNY, Donna Karan, Calvin Klein and Tommy Hilfiger increased significantly at retail partners.
The company anticipates net sales of approximately US $3.24 billion and net income of between US $205 million and US $215 million in fiscal 2023. The company also intends to broaden its portfolio through brand ownership and licensing options.
Commenting on the results, Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said “Our strong momentum continued in the first quarter of fiscal 2023 exceeding both our top and bottom line guidance, despite a challenging environment. Consumers are refreshing their wardrobes as they return to work and resume social activities, driving demand for our products.”
G-III designs, sources and markets apparel and accessories under owned, licensed and private label brands. G-III’s substantial portfolio of more than 30 licensed and proprietary brands is anchored by five global power brands: DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld.
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