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Oct 31, 2021
G-III Apparel Q3 2022 Earnings Report
Reported strong Q3 2022 results, exceeding guidance with increased net sales and net income per diluted share.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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