G-III Apparel Q1 Results Top Estimates; Boosts FY16 Outlook

(RTTNews) - G-III Apparel Group, Ltd. (GIII) reported net income for the first quarter of $6.8 million or $0.15 per share, compared to $1.3 million or $0.03 per share for the year-ago quarter.

Net sales for the first quarter rose 18% to $433.0 million from $366.2 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.07 per share on revenue of $405.82 million for the first quarter.

Looking forward to the second quarter, the company forecasts net sales of about $470.0 million and net income of $6.9 million to $9.3 million, or $0.15 to $0.20 per share. Analysts currently expect the company to earn $0.18 per share on revenue of $468.22 million for the second quarter.

The company raised its prior guidance for the full fiscal 2016 year ending January 31, 2016. The company now forecasts net sales of about $2.40 billion and net income of $123 million to $128 million, or $2.66 to $2.76 per share, compared to its previous guidance of net sales of about $2.37 billion and net income of $116 million yo $122 million, or $2.53 to $2.63 per share.

Analysts currently expect the company to earn $2.62 per share on revenue of $2.37 billion for the fiscal year 2016.