G-III Apparel 2Q net income more than doubles
NEW YORK (AP) — G-III Apparel saw second-quarter profits more than double and it boosted its expectations for the year Wednesday.
Shares jumped more than 5 percent to $49.50 in morning trading.
Sales spiked 21 percent.
G-III Apparel Group Ltd. sells clothing and accessories under brands such as Marc New York. It has fashion licenses for brands including Calvin Klein and Kenneth Cole, as well as licenses with professional sports teams and colleges.
In the quarter ended July 31 the company said its net income grew to $3.6 million, or 17 cents per share, from $1.4 million, or 7 cents per share. In the year-ago quarter its net income was affected by costs from its acquisition of swimwear maker Vilebrequin.
Revenue increased to $304.2 million from $251.5 million.
Analysts were expecting net income of 10 cents per share and $287.9 million in revenue, according to FactSet.
G-III now says it will earn between $3.30 and $3.40 per share for the fiscal year on $1.61 billion in revenue. Its previous guidance called for net income of $3.20 to $3.30 per share and $1.57 billion in revenue.
Analysts expected $3.31 per share and $1.57 billion, according to FactSet.
The company said its net income will be between $2.52 and $2.62 per share in the third quarter, while revenue should be approximately $620 million. Analysts are projecting net income of $2.68 per share on $597 million in revenue on average.