G-III Apparel Q3 2022 Earnings Report
Key Takeaways
G-III Apparel Group reported a successful third quarter in fiscal 2022, with net sales increasing by 22.8% to $1.02 billion and net income per diluted share rising to $2.16. The company raised its full year guidance, anticipating the highest annual earnings in its history.
Net sales for the third quarter increased by 22.8% to $1.02 billion compared to the previous year.
Net income for the third quarter was $106.7 million, or $2.16 per diluted share, compared to $63.2 million, or $1.29 per diluted share, in the prior year’s quarter.
The company raised its guidance for fiscal year 2022, expecting net sales of approximately $2.77 billion and net income between $180.0 million and $190.0 million, or between $3.65 and $3.75 per diluted share.
G-III expects to deliver its highest annual earnings in company history.
G-III Apparel
G-III Apparel
Forward Guidance
The Company raised its guidance for the fiscal year ending January 31, 2022, expecting net sales of approximately $2.77 billion and net income between $180.0 million and $190.0 million, or between $3.65 and $3.75 per diluted share.
Positive Outlook
- The company expects net sales of approximately $2.77 billion.
- Net income is projected to be between $180.0 million and $190.0 million.
- Diluted earnings per share are expected to be between $3.65 and $3.75.
- The raised guidance reflects strong demand across brands.
- Company expects to deliver its highest annual earnings in its history.
Challenges Ahead
- Guidance contemplates the expected impact from the current supply chain conditions, including expected increased shipping costs and delays in receipt of goods.
- 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 2022.
- The Company’s fiscal year 2022 guidance contemplates the expected impact from the current supply chain conditions.
- Expected increased shipping costs.
- Delays in receipt of goods.