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Donna Karan parent G-III forecasts an upbeat year with the return of 'wear-to-work' clothing

G-III Apparel Group Ltd. (GIII) shares jumped 6.5% in Monday premarket trading after the apparel company reported fiscal first quarter earnings that beat expectations and gave upbeat full-year guidance. Net income totaled $26.3 million, or 53 cents per share, after a loss of $39.3 million, or 82 cents per share, last year. Sales totaled $519.9 million, up from $405.1 million last year. The FactSet consensus was for EPS of 15 cents and sales of $463.0 million. "With each passing week, sales for broader lifestyle apparel, such as sportswear, wear-to-work attire and dresses, are accelerating and our overall business in North America is getting stronger," said Morris Goldfarb, G-III's chief executive, in a statement. G-III, which designs and markets apparel and accessories from owned, private label and licensed brands, has a portfolio that includes Donna Karan, Calvin Klein, and Tommy Hilfiger. "We believe these trends provide a good indication for the remainder of the year and give us confidence that we and our industry are well on our way to recovery." G-III has completed the store closures for the Wilsons Leather and G.H. Bass stores, resulting in a first-quarter loss of 31 cents per share. For the second quarter, sales are expected to be $460 million and EPS is forecast to be in the range of 3 cents to 13 cents. The FactSet consensus is for sales of $486.7 million and EPS of 7 cents. For fiscal 2022, G-III is guiding for sales of $2.57 billion and EPS between between $2.60 and $2.70. The FactSet consensus is for sales of $2.54 billion and EPS of $2.41. G-III stock

-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com

 

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06-07-21 0727ET

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