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Jul 31, 2022
G-III Apparel Q2 2023 Earnings Report
Reported a sales increase and completed the acquisition of Karl Lagerfeld brand
Key Takeaways
G-III Apparel Group reported a strong second quarter with a 25% increase in net sales compared to the prior year. The company's net income also increased, and they completed the acquisition of the Karl Lagerfeld brand.
Net sales increased 25% to $605.2 million compared to $483.1 million in the prior year’s quarter.
Net income was $36.3 million, or $0.74 per diluted share, compared to $19.2 million, or $0.39 per diluted share, in the prior year’s quarter.
Non-GAAP net income per diluted share was $0.39 compared to $0.41 in the same period last year.
Company completed its acquisition of the remaining 81% of the iconic Karl Lagerfeld brand.
Forward Guidance
The Company updated its guidance for the fiscal year ending January 31, 2023. Company expects net sales of approximately $3.15 billion and net income between $182 million and $187 million, or between $3.69 and $3.79 per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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