G-III Apparel Group has reported a 26.7 percent decrease in net sales for the third quarter of the year.
For the three months to October 31, the company’s net sales fell to 826.6 million dollars from 1.13 billion dollars in the same period last year.
The group said it now expects net sales to decline approximately 30 percent in the fourth quarter.
The company’s net income was 63.2 million dollars, or 1.29 dollars per diluted share, compared to 95.4 million dollars, or 1.97 dollars per diluted share last year.
Morris Goldfarb, G-III’s chairman and CEO, remained upbeat on the company's performance in light of the pandemic. “Our results reflect a significant sequential improvement in the third quarter as we effectively developed product lines that aligned with the shift in consumer demand towards casual, comfortable and functional clothing,” he said.
“We believe our product assortments for our portfolio of global brands are responsive to today’s market trends as we continue to gain market share.”
Goldfarb also pointed out that the company remained in a strong financial position, with approximately 800 million dollars of cash and availability under its revolving credit facility. “We are well-positioned to complete the year in line with our expectations,” Goldfarb said.
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