NEW YORK – G-III Apparel Group, as US-based manufacturer and distributor of apparel under licensed brands, owned brands and private labels, has announced impressive third quarter results for 2017, with net sales of US$1.02bn – up 16 per cent on the corresponding quarter in 2016. The figures include an increase includes net sales of approximately US$88.0 million for its DKNY and Donna Karan products.
The company is now upping its prior guidance for the full fiscal 2018 year, noting excellent wholesale net sales across all major brands in the third quarter.
Morris Goldfarb, G-III’s chairman and CEO said: “We are pleased with our third quarter results which surpassed our plan. We have executed our strategy with well-known brands and compelling product in an environment that remains challenging across our industry. Our products are selling well as we head into the holiday season and we expect to close the year with improved results and sustained momentum.
“We have a growth strategy that works. We continue to own and align with great brands, control our distribution well, approach every relationship as a partner, and deliver to the consumer a truly outstanding range of product. These commitments have served us well and will continue to illuminate our path to long term success.”
G-III has increased its prior net income guidance for the full fiscal year ending January 31, 2018. It continues to forecast net sales of approximately US$2.80 billion and is now forecasting net income between US$66 million and US$71 million, or between US$1.33 and US$1.43 per diluted share.
G-III’s owned brands include Donna Karan, DKNY, Vilebrequin, G. H. Bass, Andrew Marc, Marc New York, Eliza J and Jessica Howard. G-III also has fashion licenses under the Calvin Klein, Tommy Hilfiger, Karl Lagerfeld Paris, Kenneth Cole, Cole Haan, Guess?, Vince Camuto, Ivanka Trump, Kensie, Levi’s and Dockers brands.