G-III Apparel Group (GIII) Exceeds Analysts Estimates for Q1

The history of G-III Apparel Group (NASDAQ:GIII) dates back to 1956, when a Polish immigrant named Aron Goldfarb started an outerwear brand in  New York City. Today, G-III designs and manufactures a variety of outerwear and sportswear apparel. Its offerings range from suits and sportswear to handbags and footwear (see best sporting goods stocks to buy).

The New York-based clothing company recently announced better-than-expected financial results for the first quarter. G-III reported earnings of $26.3 million, or 53 cents per share for the three months ended April 30, versus a loss of $39.3 million, or 82 cents per share in the year-ago quarter.

Revenue for the quarter jumped 28.3 percent on a year-over-year basis to $519.9 million. The results exceeded analysts’ expectations of 15 cents per share for earnings and $462.03 million for revenue.

Speaking on the results, CEO Morris Goldfarb said, “We were pleased with our strong outperformance in the first quarter of this fiscal year. With each passing week, sales for broader lifestyle apparel, such as sportswear, wear-to-work attire and dresses, are accelerating and our overall business in North America is getting stronger. We believe these trends provide a good indication for the remainder of the year and give us confidence that we and our industry are well on our way to recovery. We believe we are well positioned to capitalize on consumer demand as the year progresses and are optimistic about this fiscal year.”

G-III also issued its financial outlook for the second quarter. It expects earnings in the range of 3 cents per share to 13 cents per share on revenue of approx. $470 million for the current quarter.