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G-III Outfits Top Estimate, now expects Q4 to be the best quarter ever – WWD

G-III Clothes The group is predict a merry Christmas.

Company, parent of DKNY and Donna Karan brands, among others, are disclosed quarterly income Wednesday before market open, improvement in both top and bottom returns as the retailer continues to grow its portfolio. In the most recent quarter, G-III chooses French brand Sonia Rykiel. It also agrees to a long-term global licensing agreement with beauty, beauty Interparfums Inc. to perform DKNY and Donna Karan fragrances (launched in July 2022); launches Bass Outdoor; plans to expand other licensing deals, nearly 40, across brands and categories, and is on the way Karl Lagerfeld Paris business – joint venture between luxurious brand Karl Lagerfeld, of which G-III owns half – to achieve sales of at least $500 million over the next few years.

Karl Lagerfeld Paris

Karl Lagerfeld’s Paris business is growing rapidly, says G-III Clothes, brand co-owner.
Courteous photo

As a result, the company has raised its guidance for the full year and is now expecting fiscal 2022 net sales to be around $2.77 billion, up from last year’s reported net sales of $2. $5 billion, as well as net income of $180 million to $190 million for the year, up from $23.5 million in profit last year, or nearly $144 million before the pandemic. G-III also predicts diluted net income per share to be between $3.65 and $3.75 per share – potentially making it net annual income per share. highest dilution in the company’s history.

As a result, shares of G-III rose more than 5%.

Morris Goldfarb, president and chief executive officer of G-III, said: “Strong momentum in our business in the first half of this year as we delivered outstanding third-quarter results that exceeded direction. our lead for both bottom line and bottom line.” “Given the strong demand we are seeing across our brands, we are well positioned for holiday Season. We are enhancing our full-year guidance and expect to deliver income in the history of our company.

Goldfarb continued: “Our world-class team continues to maintain a high level of flexibility and is delivering the right product at the right time across our diverse distribution channels.” “We believe we will enter the new financial year with the strongest financial position ever, giving us even more flexibility to expand our global reach and add value to our shareholders. winter.”

G-III – also including luxury swimwear brand Vilebrequin, Eliza J, Jessica Howard, GH Bass, Andrew Marc and Marc New York in a larger portfolio, in addition to fashion license under Calvin Klein, Tommy Hilfiger, Kenneth Cole, Cole HaanBrands, Guess, Vince Camuto, Levi’s and Dockers – reported third-quarter net sales for the three-month period ended October 30 of $1.02 billion. That’s an increase of nearly 23 percent, from last year’s $827 million.

G-III also permanently shuts down all of its Wilsons Animal skin and GH Bass Store – nearly 200 locations – in 2020, but continue to operate each brand ecommerce business.

The retailer added that it will continue to invest in digital, with sales on its partner sites up 45%, from pre-pandemic levels two years ago, and up 60% for retail stores. their own website, during the same time period.

As a result, G-III raked in $106 million in profits, up from $63 million last year.

The company calls jacket, Jeans, Dresses, activewear and sportswear and “industrial clothing” were the drivers of continued growth in the quarter.

Meanwhile, the whole retail The industry continues to face supply chain pressures, such as increased freight costs and delays in holiday shopping season, as well as consumer fears and possible lockdowns from a Coronavirus different. G-III acknowledged that it also expects higher shipping costs and delivery delays in the near term, but also said it can “maintain flexibility in navigating chain disruptions.” supply [during the most recent quarter], which has helped us stay ahead of the pandemic. ”

Shares of G-III Apparel, closed down 4.14% Tuesday to $29.64 per person, up more than 37% year-over-year.

https://wwd.com/business-news/financial/g-iii-apparel-tops-estimates-now-expects-best-quarter-ever-as-company-continues-to-grow-1235005873/ G-III Outfits Top Estimate, now expects Q4 to be the best quarter ever – WWD

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