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G-III APPAREL GROUP, LTD.
G-III APPAREL GROUP, LTD. ANNOUNCES THIRD QUARTER FISCAL 2019 RESULTS
— Net Sales Increase to a Third Quarter Record of $1.07 Billion —
— Third Quarter Net Income and Net Income Per Share Exceed Guidance —
— Raises Full-Year Guidance —
New York, New York – December 6, 2018 -- G-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced operating results for the third quarter of fiscal 2019 ended October 31, 2018.
For the third quarter ended October 31, 2018, G-III reported that net sales increased 4.7% to $1.07 billion from $1.02 billion in the year-ago period. The Company reported net income for the third quarter of $94.0 million, or $1.86 per diluted share, from $81.6 million, or $1.65 per diluted share, in the prior year’s comparable period.
Non-GAAP net income per diluted share was $1.88 for the third quarter of this year compared to $1.67 per share in the same period last year. Non-GAAP net income per diluted share excludes non-cash imputed interest expense related to the note issued to the seller as part of the consideration for the acquisition of Donna Karan International (“DKI”) of $1.2 million in this quarter and $1.4 million in the third quarter of last year.
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “In our largest shipping quarter, the continued momentum in our wholesale business enabled us to surpass our third quarter earnings guidance. We again demonstrated great ability to successfully leverage our five global power brands. Our products are set-up well across our channels of distribution for the important holiday season and we believe we will have a strong finish to the year.”
The following information was filed by G Iii Apparel Group Ltd (GIII) on Thursday, December 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.