G-III Clothing Group, Ltd | $ GIII Shares | Stocks jump 21% after breathtaking first quarter
G-III Apparel Group, Ltd (NASDAQ: GIII)
The shares of G-III Apparel Group, Ltd. climbed 20% early Tuesday after the clothing company reported first quarter results for fiscal 2019 that ended above Wall Street estimates.
Tommy Hilfiger owner Calvin Klein and Donna Karan also revised his forecast for the full year, sending the stock to a high of $ 51.20 at 9:30 a.m.
GIII Benefits and outlook
For the quarter ended April 30, the company reported net income of $ 9.9 million, or $ 0.20 per share, compared with a loss of $ 10.4 million, or $ 0.21 per share as of during the period of the previous year.
Adjusted earnings per share was $ 0.22, while Wall Street expected the company to record a loss of $ 0.50 per share. Sales were $ 611.7 million, up 16% from the same quarter last year, and ahead of analysts’ consensus estimate of $ 571 million.
For the next quarter, the company estimates net sales of approximately $ 590 million. For the full year, the company raised its sales forecast to $ 2.97 billion, from $ 2.94 billion previously.
He expects earnings per share of between $ 2.20 and $ 2.30, up from earlier forecasts of between $ 1.90 and $ 2.00. In addition, he expects adjusted earnings per share of between $ 2.27 and $ 2.37, up from previous guidance of between $ 1.98 and $ 2.08.
G-III clothing CEO comments
G-III Apparel President and CEO Mr. Morris Goldfarb commented on the results, saying: âWe are happy to have started the year with a strong quarter across the board. Strong brands, quality products, diverse distribution and excellent execution continue to be our winning formula. We are delighted to see the momentum continue and have increased confidence in our outlook for the remainder of the year. We believe our long-term growth opportunities have never been more attractive and we remain focused on capturing market share, growing, improving profitability and creating exceptional value for our shareholders.. “âCNBC
G-III Apparel Group, Ltd Company Profile
G-III Apparel Group, Ltd. engages in the design, manufacture and marketing of men’s and women’s clothing in the United States and around the world. Its operating segments are; Retail operations and wholesale operations.
The company’s products include swimwear, outerwear, women’s suits, dresses, shoes, sportswear, women’s handbags, small leather goods, performance wear for women and cold weather accessories.
It markets its products under several exclusive brands, including Black Rivet, Marc New York, DKNY, GH Bass, Donna Karan, Wilsons, Andrew Marc, Vilebrequin, Eliza J, G-III for Her, G-III Sports by Carl Banks, Jessica Howard, Calvin Klein, Kenneth Cole, Tommy Hilfiger, Dockers, Karl Lagerfeld Paris, Levi’s, Vince Camuto and Kensie.
The company also has licenses with the National Hockey League, National Football League, National Basketball Association, Major League Baseball, as well as approximately 150 US universities and colleges.
The company sells its products through large retail, specialty and department stores. G-III Apparel Group, Ltd. was established in 1956 and is headquartered in New York. âReuters