G-III Reports Record Q3

by Harry Sheff

G-III Apparel Group G-III Apparel Group’s third-quarter sales were up 12 percent, 21 percent counting Bass sales of $66 million. G-III acquired Bass from PVH in November 2013. Net income of $80.6 million ($3.53 per diluted share) was up from last year’s third-quarter profit of $59.6 million ($2.85 per diluted share).

CEO Morris Goldfarb said in a statement, “We are pleased to report a record third quarter. Our outerwear shipments were strong and that business performed well at retail. We experienced growth in several other areas of our business. Our sportswear and dress businesses also contributed to our increased sales and earnings. We believe we are well positioned for the remainder of the year.”

The company upped its full-year guidance to earnings of between $103.0 million and $106.0 million (a range of $4.65 and $4.80 per diluted share) from a previous guidance of $90.6 million to $93.9 million ($4.00 to $4.15 per diluted share).