G-III's 4Q profit climbs 61 pct, beats St. view
NEW YORK (AP) — G-III Apparel Group Ltd.'s fiscal fourth-quarter profit jumped 62 percent as the company sold more clothing.
Its profit outlook for the year fell short of Wall Street expectations, but shares still moved higher in after-hours trading.
G-III, based in New York, sells coats and dresses under brands such as Marc New York. It has fashion licenses for brands including Calvin Klein, Sean Jean and Kenneth Cole, as well as licenses with professional sports teams and colleges.
G-III said that it earned $8.1 million, or 40 cents per share, for the period that ended Jan. 31. That is compared with $5 million, or 25 cents per share, for the same quarter the year before.
Excluding costs for last year's $106 million acquisition of Vilebrequin, a men's swimwear maker, it earned 41 cents per share. Analysts polled by FactSet expected 40 cents per share.
Revenue grew 28 percent, to $375.3 million from $294.3 million. Analysts expected $360.2 million.
The company's sportswear, dresses, suits, team sports and handbags divisions are doing well, said G-III CEO Morris Goldfarb. He's also confident about prospects for Vilebrequin.
The company forecast earnings between $3.10 and $3.20 per share for the current fiscal year on revenue of approximately $1.55 billion. Analysts had forecast earnings of $3.34 per share on revenue of $1.53 billion.
G-III also forecast a loss between 3 and 7 cents per share on revenue of $270 million for its fiscal first quarter, which runs through April. Analysts had forecast a loss of 2 cents per share on revenue of $260.1 million.
The company's shares increased 66 cents, nearly 2 percent, to $40 in after-hours trading. Its stock added a penny to close regular trading at $39.34.