G-III Apparel Q1 2022 Earnings Report
Key Takeaways
G-III Apparel Group reported a strong first quarter for fiscal year 2022, with net sales increasing by 28.3% to $519.9 million compared to $405.1 million in the prior year's quarter. The company's net income for the quarter was $26.3 million, or $0.53 per diluted share, a significant improvement from the net loss of $39.3 million, or $(0.82) per share, in the prior year's quarter.
Net sales for the first quarter reached $519.9 million, up from $405.1 million in the previous year.
Net income for the first quarter was $26.3 million, or $0.53 per diluted share, compared to a net loss of $39.3 million, or $(0.82) per share, in the prior year’s quarter.
The company has completed the restructuring of its retail operations segment, closing Wilsons Leather and G.H. Bass stores.
G-III is in a strong financial position to fund growth domestically and internationally and capitalize on opportunities.
G-III Apparel
G-III Apparel
Forward Guidance
G-III Apparel Group issued guidance for the fiscal year ending January 31, 2022. For fiscal 2022, the Company is forecasting net sales of approximately $2.57 billion. Net income for fiscal 2022 is expected to be between $125 million and $135 million, or between $2.60 and $2.70 per diluted share.
Positive Outlook
- Net sales of approximately $2.57 billion
- Net income expected to be between $125 million and $135 million
- Net income per diluted share expected to be between $2.60 and $2.70
- Net sales of approximately $460 million for the second quarter of fiscal year 2022
- Net income for the second quarter of fiscal year 2022 is expected to be in the range of $0.03 and $0.13 per diluted share
Challenges Ahead
- Developments associated with the COVID-19 pandemic continue to be fluid
- Fiscal year 2022 guidance does not contemplate any reimposition of government-mandated store closures
- Governmental restrictions that were previously imposed as a result of the COVID-19 pandemic could have a material impact on our net sales
- Governmental restrictions that were previously imposed as a result of the COVID-19 pandemic could have a material impact on our results of operations
- Governmental restrictions that were previously imposed as a result of the COVID-19 pandemic could have a material impact on our supply chain during fiscal 2022