Pic: G-III Apparel
Net income for the first quarter was $5.8 million, or $0.12 per diluted share, compared to $3.2 million, or $0.07 per diluted share, in the prior year's quarter. On a non-GAAP basis, net income per diluted share was $0.12 for the first quarter, compared to $0.13 in the same period last year, the company said in a press release.
For fiscal 2025, G-III Apparel Group anticipates net sales of approximately $3.20 billion and net income between $170.0 million and $175.0 million, or between $3.58 and $3.68 per diluted share. This is compared to net sales of $3.10 billion and net income of $176.2 million, or $3.75 per diluted share, for fiscal 2024.
For the second quarter of fiscal 2025, the company expects net sales of approximately $650.0 million, slightly lower than the $659.8 million reported in the same period last year. Net income for the second quarter is projected to be between $10.0 million and $15.0 million, or between $0.22 and $0.32 per share. This compares to net income of $16.4 million, or $0.35 per diluted share, in the second quarter of the previous year.
“We had a strong start to fiscal 2025, delivering first quarter earnings per diluted share well ahead of our expectations. Our performance was driven by double-digit increases in DKNY and Karl Lagerfeld along with a successful relaunch of Donna Karan, reflecting our commitment to investing in our owned brands and our ability to meet the ever-changing needs of our consumers,” said Morris Goldfarb, G-III’s chairman and chief executive officer.
Fibre2Fashion News Desk (DP)