Key Developments For G-III Apparel Group Ltd
G-III Apparel Group Ltd (GIII.O) (Nasdaq)
G-III Apparel Group, Ltd. Issues FY 2010 Earnings Guidance; Revenue Guidance Below Analysts' Estimates
G-III Apparel Group, Ltd. announced that for fiscal 2010, it expects net sales of approximately $770 million, net income in the range of $16.6 to $18.4 million, and diluted net income per share (EPS) between $0.95 and $1.05. The Company is also forecasting EBITDA for the fiscal year ending January 31, 2010 to increase approximately 10% to 18% to a range of approximately $40.2 to $43.2 million. EBITDA should be evaluated in light of the Company's financial results prepared in accordance with GAAP. According to Reuters Estimates, analysts on average were expecting the Company to report net profit of $18.2 million, EPS of $1.02, EBITDA of $42.8 million and revenue of $820 for the same period.
G-III Apparel Group, Ltd. Issues Q2 2010 Guidance
G-III Apparel Group, Ltd. announced that for second quarter of 2010, it expects net sales of approximately $135 million and net loss of $4.8 million to $5.4 million, or between $0.28 and $0.32 per share. The increased net loss expected during the quarter is due primarily to the incremental loss realized as a result of the seasonal nature of the Wilsons retail outlet business, which was owned by the Company for only three weeks in the second quarter last year, and a continued shift in outerwear sales to more closely match the retail selling season.
G-III Apparel Group, Ltd. Issues Q1 2010 Guidance; EPS And Revenue Guidance Below Analysts' Estimates
G-III Apparel Group, Ltd. announced that for first quarter of 2010, it expects net sales of approximately $105 million. The Company is also forecasting a net loss of $8.0 million to $8.8 million, or between $0.48 and $0.53 per share. The Company also noted that results this year include the operation of the Wilsons retail outlet stores that were not owned during the first quarter last year. Similar to its wholesale outerwear businesses, the outlet store business is also subject to seasonal losses in the first quarter. According to Reuters Estimates, analysts were expecting the Company to report revenues of $79.61 million, net profit of $(8.6) million and EPS of $(0.44) for the same period.
G-III Apparel Group, Ltd. Announces Andrew Marc Accessories License
G-III Apparel Group, Ltd. announced that it has entered into a long-term men`s accessories license for its Andrew Marc and Marc New York brands with Foundry Accessories, LLC. Under the agreement, Foundry, headed by Paul De Fabrizio, will design, market and distribute men`s belts, wallets, messenger bags, portfolios, briefcases, luggage and other categories of accessories under the Andrew Marc and Marc New York brand names. Other terms of the license were not disclosed.
G-III Apparel Group, Ltd. Lowers FY 2009 Guidance
G-III Apparel Group, Ltd. announced that for fiscal 2009, the Company has revised its guidance and now expects net sales of approximately $715 million, compared to its prior guidance of net sales of $730 million, net income in the range of $16.3-$18.1 million, compared to its prior guidance of net income in the range of $23.5-$24.4 million, and diluted net income per share (EPS) between $0.95-$1.05, compared to its prior guidance of diluted net income per share between $1.35-$1.40. The Company is also now forecasting EBITDA for the fiscal 2009 to increase approximately 7% to 15% to a range of approximately $40.5 to $43.5 million compared to its prior guidance of EBITDA in the range of $54.0 million to $55.5 million. EBITDA should be evaluated in light of the Company's financial results prepared in accordance with US GAAP. According to Reuters Estimates, analysts on average were expecting the Company to report net profit of $20.9 million, EPS of $1.20 and EBITDA of $42.4 million for the same period.
