G-III Apparel Q1 FY2024 beats guidance; raises full-year outlook; signs Halston license

G III APPAREL GROUP LTD /DE/

2023-Q1 EPS reported $0.07 revenue$606,589,000

Q1 net sales $606.6M (-11.9% YoY); GAAP EPS $0.07; non-GAAP EPS $0.13 vs $0.72 last year.
Raised FY2024 guidance: net sales ~$3.29B; net income $125-130M ($2.65-$2.75 diluted EPS).
Signed 25-year master license for Halston with Xcel Brands; first deliveries expected Fall 2024.
Inventory sequentially decreased $80M; gross margins improved versus year-ago quarter.
Q2 FY2024 outlook: net sales ~$595M; net loss of $(5)M to breakeven.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

G III APPAREL GROUP LTD /DE/ reported fiscal year ending January 31, 2024 results: revenue approximately $3.29 billion, net income between $125.0 million and $130.0 million, EPS between $2.65 and $2.75 per diluted share. Guidance raised.

Period: fiscal year ending January 31, 2024
Revenue: approximately $3.29 billion
Net income: between $125.0 million and $130.0 million
EPS: between $2.65 and $2.75 per diluted share
Guidance: raised
Result: guidance update

Exact text from the filing

For fiscal 2024, the Company expects net sales of approximately $3.29 billion and net income between $125.0 million and $130.0 million, or between $2.65 and $2.75 per diluted share.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

G III APPAREL GROUP LTD /DE/ reported second quarter of fiscal year 2024 results: revenue approximately $595.0 million, net income in the range $(5.0) million and break even, EPS between $(0.10) and $0.00 per share. Guidance initiated.

Period: second quarter of fiscal year 2024
Revenue: approximately $595.0 million
Net income: in the range $(5.0) million and break even
EPS: between $(0.10) and $0.00 per share
Guidance: initiated
Result: guidance update

Exact text from the filing

For the second quarter of fiscal year 2024, the Company expects net sales of approximately $595.0 million compared to $605.2 million in the same period last year. The Company expects a net loss for the second quarter of fiscal 2024 in the range $(5.0) million and break even or between $(0.10) and $0.00 per share.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

G III APPAREL GROUP LTD /DE/ reported first fiscal quarter ended April 30, 2023 results: revenue $606.6 million, net income $3.2 million, EPS $0.07 per diluted share.

Period: first fiscal quarter ended April 30, 2023
Revenue: $606.6 million
Net income: $3.2 million
EPS: $0.07 per diluted share
Result: reported results

Exact text from the filing

Net sales for the first quarter ended April 30, 2023 decreased 11.9% to $606.6 million from $688.8 million in the prior year’s quarter. The Company reported net income for the first quarter of $3.2 million, or $0.07 per diluted share, compared to $30.6 million, or $0.62 per diluted share, in the prior year’s quarter.

View on SEC.gov

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Source: SEC EDGAR

accession 0001558370-23-010823

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