G-III Apparel Group (NASDAQ:GIII) Releases Third Quarter 2023 Earnings Guidance

Clothing Group G-III (NASDAQ: GIII – Get a rating) updated its earnings guidance for the third quarter of 2023 on Thursday. share of $2.15. The company released a revenue forecast of $1.07 billion to $1.07 billion, versus a consensus revenue estimate of $1.11 billion. G-III Apparel Group also updated its guidance for fiscal 2023 to $3.60 – $3.70 EPS.

Clothing group G-III trades down 2.0%

The NASDAQ GIII opened at $15.94 on Thursday. The company has a market capitalization of $756.99 million, a price-earnings ratio of 3.54 and a beta of 2.42. G-III Apparel Group has a 12 month minimum of $15.24 and a 12 month maximum of $33.40. The company has a debt ratio of 0.31, a current ratio of 2.29 and a quick ratio of 2.36. The company’s fifty-day moving average price is $21.53 and its two-hundred-day moving average price is $24.14.

Clothing Group G-III (NASDAQ: GIII – Get a rating) last released its quarterly results on Wednesday, September 7. The textile maker reported earnings per share (EPS) of $0.39 for the quarter, missing the consensus estimate of $0.46 per ($0.07). G-III Apparel Group achieved a net margin of 7.26% and a return on equity of 13.61%. The company posted revenue of $605.20 million for the quarter, versus analyst estimates of $592.53 million. In the same quarter last year, the company posted earnings per share of $0.39. The company’s revenue for the quarter increased by 25.3% compared to the same quarter last year. As a group, research analysts predict that G-III Apparel Group will post earnings per share of 3.65 for the current fiscal year.

Wall Street analysts predict growth

A number of equity research analysts have weighed in on GIII shares recently. Barclays lowered its price target on G-III Apparel Group from $22.00 to $18.00 and set an equal weight rating for the company in a Friday, September 9 report. Wells Fargo & Company began covering G-III Apparel Group shares in a research report on Monday, July 11. They issued an equal weight rating and $20.00 price target on the stock. StockNews.com downgraded G-III Apparel Group from a buy rating to a hold rating in a Wednesday, June 8 research report. Telsey Advisory Group lowered its price target on G-III Apparel Group from $25.00 to $22.00 and set a market performance rating on the stock in a Thursday, September 8 research report. Finally, B. Riley cut his price target on G-III Apparel Group stock from $41.00 to $37.00 and set a buy rating on the stock in a Wednesday 8 research note. June. Five investment analysts gave the stock a hold rating and three gave the company a buy rating. According to data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $25.00.

Hedge funds weigh on G-III Apparel Group

A number of institutional investors have recently changed their stake in the company. Captrust Financial Advisors increased its equity stake in G-III Apparel Group by 48.4% in Q1. Captrust Financial Advisors now owns 6,665 shares of the textile maker worth $180,000 after buying 2,175 additional shares during the period. Virtu Financial LLC bought a new stock position in G-III Apparel Group during Q1 worth $203,000. Delphia USA Inc. purchased a new stake in shares of G-III Apparel Group in the first quarter at a value of $277,000. Natixis Advisors LP purchased a new stake in shares of G-III Apparel Group in Q1 valued at approximately $298,000. Finally, Guggenheim Capital LLC increased its position in G-III Apparel Group shares by 45.2% during the first quarter. Guggenheim Capital LLC now owns 12,773 shares of the textile maker valued at $346,000 after buying 3,977 additional shares in the last quarter. 88.68% of the shares are held by institutional investors and hedge funds.

About Clothing Group G-III

(Get a rating)

G-III Apparel Group, Ltd. designs, sources and markets women’s and men’s clothing in the United States and around the world. The Company operates through two segments, Wholesale Operations and Retail Operations. Its products include outerwear, dresses, sportswear, swimwear, women’s suits and women’s performance apparel; and women’s handbags, shoes, small leather goods, cold weather accessories and luggage.

See also

Earnings History and Estimates for G-III Apparel Group (NASDAQ:GIII)

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