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Apr 30, 2023
G-III Apparel Q1 2024 Earnings Report
G-III Apparel exceeded expectations for the first quarter, with net sales of $606.6 million and non-GAAP net income per diluted share of $0.13. The company raised its guidance for fiscal year 2024 and announced a new long-term license for the Halston brand.
Key Takeaways
G-III Apparel Group reported strong Q1 fiscal 2024 results, exceeding both top and bottom-line guidance. Net sales reached $606.6 million, and non-GAAP net income per diluted share was $0.13. The company also rightsized its inventory and announced a licensing agreement with Xcel Brands for the Halston brand. Raised fiscal year 2024 guidance due to positive results.
Net sales for the first quarter decreased 11.9% to $606.6 million compared to $688.8 million in the prior year’s quarter.
Net income for the first quarter was $3.2 million, or $0.07 per diluted share, compared to $30.6 million, or $0.62 per diluted share, in the prior year’s quarter.
Non-GAAP net income per diluted share was $0.13 for the first quarter, compared to $0.72 in the same period last year.
G-III signed a 25-year master license agreement with Xcel Brands for the Halston brand.
Forward Guidance
The Company today raised its guidance for the fiscal year ending January 31, 2024. For fiscal 2024, the Company expects net sales of approximately $3.29 billion and net income between $125.0 million and $130.0 million, or between $2.65 and $2.75 per diluted share.
Positive Outlook
- The Company expects net sales of approximately $3.29 billion
- The Company expects net income between $125.0 million and $130.0 million
- The Company expects net income between $2.65 and $2.75 per diluted share.
- The Company is anticipating non-GAAP net income for fiscal 2024 between $132.0 million and $137.0 million
- The Company is anticipating non-GAAP net income between $2.80 and $2.90 per diluted share.
Challenges Ahead
- The Company’s fiscal year 2024 guidance anticipates the expected impact from current levels of inflationary pressure on consumers
- The Company’s fiscal year 2024 guidance anticipates the expected impact on the Company’s operations
- The Company’s fiscal year 2024 guidance anticipates incremental costs associated with managing higher levels of inventory.
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