G-III Apparel Group (NASDAQ:GIII) Updates 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. The company provided EPS guidance of $1.80 to $1.90 for the period, compared to the consensus EPS estimate 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.

Wall Street analysts predict growth

Several research companies have commented on GIII. Barclays reduced 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. StockNews.com moved apparel group G-III from a buy rating to a hold rating in a Wednesday, June 8 report. UBS Group reduced its price target on G-III Apparel Group from $31.00 to $22.00 and set a neutral rating for the company in a Friday, July 15 report. TheStreet upgraded the G-III Apparel Group from a b- to a c+ rating in a Tuesday, July 5 report. Finally, Telsey Advisory Group lowered its target price on G-III Apparel Group from $25.00 to $22.00 and set a market performance score for the company in a Thursday, September 8 report. Five equity research analysts gave the stock a hold rating and three gave the company a buy rating. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $25.00.

Shares of clothing group G-III fall 2.5%

The NASDAQ GIII opened at $16.63 on Thursday. The company has a market capitalization of $789.76 million, a PE ratio of 3.70 and a beta of 2.42. G-III Apparel Group has a one-year low of $15.24 and a one-year high of $33.40. The stock’s 50-day simple moving average is $21.15 and its 200-day simple moving average is $23.78. The company has a debt ratio of 0.31, a current ratio of 2.29 and a quick ratio of 0.94.

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

Institutional entries and exits

A number of hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC bought a new position in G-III Apparel Group in Q2 worth $317,000. Legal & General Group Plc increased its position in G-III Apparel Group shares by 3.5% in the second quarter. Legal & General Group Plc now owns 129,428 shares of the textile maker worth $2,618,000 after buying an additional 4,334 shares in the last quarter. AQR Capital Management LLC increased its position in G-III Apparel Group shares by 83.3% in the second quarter. AQR Capital Management LLC now owns 90,279 shares of the textile maker worth $1,826,000 after buying an additional 41,032 shares in the last quarter. State Street Corp increased its position in G-III Apparel Group shares by 1.7% in the second quarter. State Street Corp now owns 1,674,108 shares of the textile maker worth $33,867,000 after buying an additional 28,751 shares in the last quarter. Finally, Sei Investments Co. increased its position in G-III Apparel Group shares by 45.3% in the second quarter. Sei Investments Co. now owns 80,869 shares of the textile maker worth $1,636,000 after buying 25,203 additional shares in the last quarter. 88.68% of the shares are currently held by institutional investors.

G-III Apparel Group Company Profile

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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.

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

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