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Oct 31, 2022
G-III Apparel Q3 2023 Earnings Report
Reported an increase in net sales but a decrease in net income and non-GAAP net income compared to the prior year's quarter.
Key Takeaways
G-III Apparel Group reported a 6.2% increase in net sales for the third quarter of fiscal 2023, reaching $1.08 billion. However, net income decreased to $61.1 million, or $1.26 per diluted share, compared to $106.7 million, or $2.16 per diluted share, in the prior year's quarter. Non-GAAP net income per diluted share was $1.35, down from $2.18 in the same period last year, impacted by one-time charges related to higher inventory levels and logistical challenges.
Net sales increased by 6.2% to $1.08 billion compared to $1.02 billion in the prior year’s quarter.
Net income decreased to $61.1 million, or $1.26 per diluted share, compared to $106.7 million, or $2.16 per diluted share, in the prior year’s quarter.
Non-GAAP net income per diluted share was $1.35 compared to $2.18 in the same period last year.
The company announced the extension of Calvin Klein and Tommy Hilfiger licenses.
Forward Guidance
The Company updated its guidance for the fiscal year ending January 31, 2023. The Company’s fiscal year 2023 guidance anticipates the expected impact from current levels of inflationary pressure on consumers and incremental costs associated with the supply chain conditions, including the timing of receipts of goods.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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