G-III Apparel Group (NASDAQ: GIII) Provides Third Quarter 2023 Earnings Forecast

G-III Apparel Group (NASDAQ: GIII-Get Rating), an apparel manufacturer and retailer, said Thursday it raised its earnings forecast for the third quarter of 2023. The company expected to earn between $1.80 and $1.90 $ per share for the quarter. , which was well below the average expectation of $2.15 per share. Additionally, the revenue forecast provided by the company was between $1.07 and $1.07 billion, which was lower than the general revenue expectation of $1.11 billion. As a result, G-III Apparel Group has updated its earnings per share forecast for the next fiscal year 2023, and the new range is now between $3.60 and $3.70.

On Thursday, the first day of trading could begin on the NASDAQ GIII, and the opening price was $15.94. The stock’s price-to-earnings ratio is 3.54 and the stock’s beta is 2.42, giving an estimated value of $756.99 million for the company. During the same period, G-III Apparel Group recorded a one-year high of $33.40 and a one-year low of $15.24 in its stock price. A leverage ratio is 0.31, a current ratio is 2.29, a quick ratio is 2.36, and a general liquidity ratio is 2.29. The company’s price is currently trading at a fifty-day moving average of $21.53, and its price is currently trading at a two-hundred-day moving average of $24.14, respectively.

On September 7, the G-III Apparel Group (NASDAQ: GIII-Get Rating) released the findings of its latest quarterly financial report. The textile company reported earnings per share for the quarter of $0.39, $0.07 below the consensus estimate of $0.46. Profits were from continuing operations. G-III Apparel Group’s return on equity was 13.61%, while the company’s net margin was 7.26%. The final revenue tally for the quarter came in at $605.20 million, well above analysts’ average forecast of $592.53 million. Compared to the prior year results for the same period, the current year earnings per share is $0.39. The increase in revenue for the quarter was 25.3% higher than it had been during the same period the previous year.

Research analysts estimate that G-III Apparel Group will make a profit of $3.65 per share throughout the current fiscal year. Several equity research professionals have weighed their views on the G III stock. In a report released on Friday, September 9, Barclays cut its stock’s equal weight rating and price target for G-III Apparel Group, which it had previously set at $22.00, to $18.00. This was done on the shares of the company. Wells Fargo & Company released a research note on July 11 that revealed it would begin covering shares of G-III Apparel Group. The announcement was made in the context of the research report. They gave the stock a weighted rating of equal importance and predicted that the stock price would reach twenty dollars.

The recommendation for G-III Apparel Group changed from a buy to a hold in a report on the company published by StockNews.com on June 8. The study has been made available to the public. In a research note published Thursday, September 8, Telsey Advisory Group lowered the price target for G-III Apparel Group from $25.00 to $22.00 and listed the company as a market player. And finally, in a research note published on June 8, B. Riley reduced his price target on G-III Apparel Group shares from $41.00 to $37.00 while maintaining a buy rating on the action. This was done while maintaining a buy rating on the stock. Three analysts recommended investors buy the stock, while five others suggested investors maintain their existing positions in the stock. According to data provided by MarketBeat, the company was assigned an overall rating of “Hold” and the price target was set at $25.00.

Over the past few months, various institutional investors have adjusted the stakes they hold in the company. These investors hold stakes in the company. Captrust Financial Advisors increased the number of shares held by G-III Apparel Group by 48.4% in the first three months of the year. Captrust Financial Advisors now owns 6,665 shares of the textile maker, valued at $180,000, after buying 2,175 additional shares during the quarter. These shares were purchased for a total price of $180,000. In the first three months of 2018, Virtu Financial LLC made a new investment in G-III Apparel Group for $203,000. This transaction was carried out from January to March.

During the first three months of 2018, Delphia USA Inc. made a capital contribution to G-III Apparel Group for $277,000. Additionally, g-III Apparel Group was the lucky recipient of a new investment from Natixis Advisors LP for approximately $298,000. This investment was made during the first three months of the year. In the first three months of 2018, Guggenheim Capital LLC increased the number of G-III Apparel Group shares held to 45.2%. This brings us to our last point. Following the acquisition of 3,977 additional shares of the textile manufacturer’s stock during the last fiscal quarter, Guggenheim Capital LLC now owns 12,773 shares of the company’s stock. The total value of these 12,773 shares is $346,000. 88.68% of the company’s shares are owned by hedge funds and other types of institutional investors. G-III Garments Group, Ltd. develops, sources and distributes clothing for men and women worldwide. They do this by catering to a global clientele.

The business is structured into two separate departments: the retail operations department and the wholesale operations department. The Company’s product line includes, in addition to women’s outerwear, dresses, sportswear, swimwear, suits and performance apparel, luggage, handbags and women’s shoes, as well as small leather goods, cold weather accessories and other small leather goods for women. Some of the garments in the company’s product line are made of leather.

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