Retail and wholesale sales drive record second quarter for G-III

By

Obi Anyanwu

Published
Sep 2, 2015

G-III Apparel Group, Ltd. announced today its operating results for the second quarter of fiscal 2016. The company reported record numbers for the quarter driven by its strong retail and wholesale segments.

Net sales in the second quarter increased 12% to $474 million from $424 million in second quarter 2014, and net income doubled to $12.5 million from $6.2 million in the previous year’s second quarter.
 
Morris Goldfarb, G-III’s Chairman, Chief Executive Officer and President, said, “We are pleased to report another strong quarter of growth and increased profitability. Growth in the quarter was driven by increases in our wholesale segment and an increase in comparable store sales from our G.H. Bass stores.”

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G-III is forecasting its third fiscal quarter net sales to reach $920.0 million and for the net income to range between $83 million and $85.3 million. For the full fiscal year, the company projects net sales to reach $2.40 billion and net income to range between $129 million and $134 million.