Net sales

Net sales of US clothing brand G-III Apparel in the third quarter of fiscal 22 of $ 1.02 billion

G-III Apparel, a U.S. apparel designer with a portfolio of more than 30 licensed and exclusive brands, announced a 22.8% net sales increase to $ 1.02 billion in the third quarter of fiscal year 2022 (Q3 FY21: $ 826.6 million). The company’s net income also climbed to $ 106.7 million from $ 63.2 million in the corresponding quarter a year earlier.

Net earnings per diluted share exceeded expectations to reach $ 2.16 in the third quarter, compared to $ 1.29 per diluted share in the third quarter of fiscal 2021.

The company’s gross profit also rose to $ 347 million in the third quarter, from $ 297 million in the corresponding quarter last year.

G-III Apparel, a U.S. apparel designer with a portfolio of more than 30 licensed and exclusive brands, announced a 22.8% net sales increase to $ 1.02 billion in the third quarter of fiscal year 2022 (Q3 FY21: $ 826.6 million). The company’s net income also climbed to $ 106.7 million from $ 63.2 million in the corresponding quarter a year earlier.

“The strong momentum of our business in the first half continues, as we recorded exceptional results in the third quarter with results above and below our forecasts. Given the strong demand we are seeing in our brands, we are well positioned for the holiday season. We are raising our outlook for the full year and expect to achieve our highest annual profit in our business history. ” Morris Goldfarb, President and CEO of G-III Apparel, said in a press release.

“Our world-class team continues to maintain high flexibility and deliver the right product at the right time through our diverse distribution channels. We believe we will enter the new fiscal year in our strongest financial position to date, giving us the flexibility to further expand our global reach and increase shareholder value. Goldfarb concluded.

Based on third quarter performance, the company expects net sales of approximately $ 2.77 billion and net income of between $ 180 million and $ 190 million or between $ 3.65 and 3.75 per diluted share. , for the whole of the 2022 financial year.

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