G-III Apparel Q1 2023 Earnings Report
Key Takeaways
G-III Apparel Group reported a strong first quarter for fiscal year 2023, with net sales increasing by 32.5% to $688.8 million compared to $519.9 million in the prior year's quarter. Net income also increased to $30.6 million, or $0.62 per diluted share, compared to $26.3 million, or $0.53 per diluted share, in the prior year's quarter. The company raised its guidance for fiscal year 2023.
Net sales for the first quarter were $688.8 million compared to $519.9 million last year.
Net income per diluted share for the first quarter was $0.62 compared to $0.53 last year.
Non-GAAP net income per diluted share for the first quarter was $0.72 compared to $0.56 last year.
G-III raised guidance for fiscal year 2023.
G-III Apparel
G-III Apparel
Forward Guidance
The Company today raised its guidance for the fiscal year ending January 31, 2023. For fiscal 2023, the Company expects net sales of approximately $3.24 billion and net income between $205.0 million and $215.0 million, or between $4.23 and $4.33 per diluted share.
Challenges Ahead
- The Company’s fiscal year 2023 guidance contemplates the expected impact from the current supply chain conditions, including the current lockdowns in China, expected increased shipping costs and delays in receipt of goods.
- The guidance does not contemplate any reimposition of government-mandated store closures or other governmental restrictions as the result of new COVID-19 variants that may emerge.
- The reimposition of store closures or other restrictions could have a material impact on our net sales, results of operations and supply chain during fiscal 2023.
- The guidance also does not contemplate significant worsening in global inflation rates or in consumer sentiment.
- The Company’s fiscal 2023 results could differ materially from its current outlook as a result of the occurrence of any of these or other uncontemplated events.