G-III Apparel: Fiscal 1Q Earnings Snapshot
NEW YORK (AP) _ G-III Apparel Group Ltd. (GIII) on Wednesday reported fiscal first-quarter net income of $12 million.
On a per-share basis, the New York-based company said it had net income of 24 cents. Earnings, adjusted for non-recurring costs, came to 25 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The clothing and accessories maker posted revenue of $633.6 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $650.4 million.
For the current quarter ending in August, G-III Apparel expects its per-share earnings to range from 17 cents to 27 cents.
The company said it expects revenue in the range of $660 million for the fiscal second quarter.
G-III Apparel expects full-year earnings in the range of $3.25 to $3.35 per share, with revenue expected to be $3.28 billion.
G-III Apparel shares have dropped 3% since the beginning of the year. The stock has dropped 37% in the last 12 months.