While reporting financial results for the third quarter on Tuesday, G-III Apparel Group, Ltd. (GIII) raised its earnings, adjusted earnings and net sales guidance for the full-year 2024.
For fiscal 2024, the company now projects earnings in a range of $3.75 to $3.85 per share and adjusted earnings in a range of $3.90 to $4.00 per share on net sales of approximately $3.15 billion.
Previously, the company expected earnings in the range of $3.05 to $3.15 per share and adjusted earnings in a range of $3.20 to $3.30 per share on net sales of approximately $3.13 billion.
On average, six analysts polled by Thomson Reuters expect the company to report earnings of $3.24 per share on revenues of $3.30 billion for the year. Analysts' estimates typically exclude special items.
For the third quarter, the company reported net income of $127.64 million or $2.74 per share, higher than $61.10 million or $1.26 per share in the prior-year quarter. Excluding items, adjusted earning was $2.78 per share, compared to $1.35 per share in the year-ago quarter.
Net sales for the quarter edged down 1.0 percent to $1.07 billion from $1.08 billion in the same quarter last year.
Analysts expected earnings of $2.06 per share on net sales of $1.13 billion for the quarter.
G-III also announced that it has appointed Dana Perlman as its new Chief Growth and Operations Officer, effective January 8, 2024.
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