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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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