G-III, PVH, LANDS END REPORT THIRD-QUARTER RESULTS
G-III Apparel Group Ltd, the maker of apparel and products for such labels as Tommy Hilfiger, Calvin Klein, and Kenneth Cole, has reported a better-than-expected 8.1% increase in third-quarter earnings.
However, the company also lowered its earnings forecast for the year, and now expects per-share adjusted profit between $2.65 and $2.80. G-III also announced plans to increase its stock-repurchase program to 5 million shares from 3.75 million shares.
Meanwhile, PVH Holdings also beat analysts’ expectations, even if its numbers weren’t up. Net income fell slightly to $221.9 million, while total revenue decreased 3.1% and gross profit margin fell by 3.8%.
In worse news, Lands End posted strongly negative numbers with net profit down to $10.7 million, or 33 cents per share, a sharp drop from 2014, and sales were down 10 percent from last year.
It is no surprise that Lands End is performing the way it is. After nearly three years splitting from Sears , Lands End have made no effort to assume it’s administrative responsibility namely payroll, real estate etc. As the Sears stores close so does the Lands End Shoppes that are located in the stores. They have allowed Sears to impact the running of their stores with issues such of the placement of fixtures, merchandise receipts and trying to use Lands End resources to assist in the running of the Sears stores. Not to mention the hair brained schemes such as the latest ‘Light House’ brand products that are only available in the Shoppes that are in the Sears stores. The catalog and the store no longer have the same products they may be similar and may vary in style and color. Customers who routinely come to the stores to shop are frustrated when they cannot get the item in store in the catalog or the item in the catalog inn store. Not to mention the confusing coupons that advertise discount in the catalog and in store when it really means when ordering from the computer in the store and not in the actual store. Finally, they have radically changed the styles of many products alienating the core customers and worse yet the quality of the items have decreased noticeably.