For the third quarter of FY23, G-III Apparel Group reported a net income of $61.1 million, or $1.26 per diluted share, compared to $106.7 million, or $2.16 per diluted share, in the prior year’s quarter. Non-GAAP net income per diluted share was $1.35 for the third quarter of this year compared to $2.18 in the same period last year. In Q3 FY23, the company’s operating profit was $97,214 thousand, compared to $158,126 thousand in Q3 FY22.
American clothing company G-III Apparel Group has reported a revenue growth of 6.2 per cent to $1.08 billion in the third quarter (Q3) of fiscal 2023, ended October 31, 2022, compared to $1.02 billion in the third quarter of FY22. The company has also announced the extension of licences for certain categories of Calvin Klein and Tommy Hilfiger.
“Calvin Klein and Tommy Hilfiger have been an important part of our business. Today we announced staggered extensions by category beginning January 2024 and continuing through December 2027. We do not expect significant reduction in net sales, net income and cash generation from these businesses for the next three years. We believe these extensions will allow us time to accelerate our long-term strategy,” said Morris Goldfarb, G-III’s chairman and chief executive officer.
For fiscal 2023, the company expects net sales of approximately $3.15 billion and net income between $147 million and $152 million, or between $3.00 and $3.10 per diluted share. This compares to net sales of $2.77 billion and net income of $200.6 million, or $4.05 per diluted share, last year. G-III Apparel Group is anticipating non-GAAP net income for fiscal 2023 between $142 million and $147 million, or between $2.90 and $3.00 per diluted share.
Furthermore, the company is projecting full-year adjusted EBITDA for fiscal 2023 between $265 million and $270 million compared to adjusted EBITDA of $350.2 million in fiscal 2022.
Fibre2Fashion News Desk (DP)
