G-III Apparel: double-digit growth in latest quarter
G-III Apparel recorded a turnover of 433 million dollars during its first quarter of 2015-16 ending on June 30.
This represents an increase of 18% compared to the same period last year. The American company owns brands such as Andrew Marc, Vilebrequin, Black Rivet, Eliza J and Jessica Howard besides producing fashion products for many brands, including Cole Haan, Guess, Jessica Simpson, Vince Camuto, Ivanka Trump, Calvin Klein, Levi's and Tommy Hilfiger.
"We designed and delivered compelling product and maintained good sell-throughs, in addition to building a strong order book for the upcoming fall season," said CEO Morris Goldfarb in a statement. "Across our business, we met and exceeded plans for both sales and margins. Our performance included powerful organic growth across the full range of our wholesale businesses, led by Calvin Klein and dress businesses such as Eliza J and Vince Camuto."
During the first quarter, the increase in business also resulted in an increase in operating profit, which rose from 3.5 million last year to 11.7 million in 2015. The company has therefore revised its forecasts upwards.
It expects sales of 2.4 billion dollars for the full year with a net profit of between 123 and 128 million dollars.
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