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Jul 31, 2021
G-III Apparel Q2 2022 Earnings Report
Net sales and net income per diluted share exceeded expectations.
Key Takeaways
G-III Apparel Group reported a strong second quarter with net sales of $483.1 million, a 62.5% increase from the prior year, and net income of $19.2 million, or $0.39 per diluted share, compared to a net loss of $15.0 million, or $(0.31) per share, in the prior year’s quarter.
Net sales for the second quarter increased 62.5% to $483.1 million compared to $297.2 million in the prior year’s quarter.
The Company reported net income for the second quarter of $19.2 million, or $0.39 per diluted share, compared to a net loss of $15.0 million, or $(0.31) per share, in the prior year’s quarter.
The Company ended the second quarter with approximately $900 million in cash and credit facility availability.
The Company raised its guidance for the fiscal year ending January 31, 2022.
G-III Apparel
G-III Apparel
Forward Guidance
The Company raised its guidance for the fiscal year ending January 31, 2022 and expects net sales of approximately $2.70 billion and net income between $155.0 million and $165.0 million, or between $3.10 and $3.20 per diluted share.
Positive Outlook
- Net sales of approximately $2.70 billion are expected.
- Net income between $155.0 million and $165.0 million is expected.
- Diluted EPS between $3.10 and $3.20 is expected.
- Net sales of approximately $1.00 billion are expected for the third quarter of the current 2022 fiscal year.
- Net income between $80.0 million and $90.0 million or $1.65 and $1.75 per diluted share is expected for the third quarter of the current 2022 fiscal year.
Challenges Ahead
- Supply chain conditions are expected to impact fiscal year 2022.
- Increased shipping costs are expected.
- Delays in receipt of goods are expected.
- Reimposition of government-mandated store closures could have a material impact.
- Governmental restrictions as a result of the COVID-19 pandemic could have a material impact.