G-III REPORTS STRONG SALES GAIN FOR FISCAL YEAR
G-III Apparel Group, Ltd. has announced its operating results for the fourth quarter and full year of fiscal 2016.
Net sales for the fiscal year ended January 31, 2016 were up 11 percent to $2.34 billion from $2.12 billion in the prior year. This growth was driven by strong performances from many of the company’s wholesale businesses, as well as by growth in G.H. Bass & Co. comparable store sales. On an adjusted basis, non-GAAP net income per diluted share for the full year increased 8 percent to $2.44 per share from $2.26 in the prior fiscal year.
For the fourth quarter ended January 31, 2016, G-III reported that net sales increased by 3 percent to $527.4 million from $514.3 million last year, while net income per diluted share was $0.17 compared to 0.48 in the fourth quarter last year. Weaker outerwear sales were the primary reason that sales and income were less than expected.
“Fiscal 2016 was a very strong year for us, although we were disappointed by our wholesale and retail outerwear business, which was heavily impacted by the warmest winter ever recorded,” said Morris Goldfarb, G-III’s chairman, CEO and president. “That said, we had excellent performances from our non-outerwear Calvin Klein businesses, as well as our dress and team sports businesses. We have significantly expanded our relationship with the Tommy Hilfiger brand and increased our financial investment and partnership with the Karl Lagerfeld brand. We will be making significant investments in these brands going forward. Our organization is energized by the opportunities in front of us and excited to take advantage of our opportunities in fiscal 2017.”
