G-III Apparel Group, Ltd net sales for the fiscal year ended January 31, 2018 increased 17.6 percent to 2.81 billion dollars from 2.39 billion dollars in the prior year, which includes net sales of approximately 258 million dollars related to operating DKNY and Donna Karan business in fiscal year 2018 compared to 28 million dollars in net sales from the two months of the prior year that the Company owned this business.
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Commenting on G-III’s performance, Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said in a media statement: "We are pleased to have finished with better results than last year, particularly as a result of our power brands: Calvin Klein, Tommy Hilfiger, DKNY, Donna Karan and Karl Lagerfeld Paris. The strength of these businesses is enabling us to grow profitably despite the pressures of a persistently challenging environment."
Fourth quarter net sales rise 18.5 percent
For the fourth quarter ended January 31, 2018, net sales increased by 18.5 percent to 715 million dollars from 603 million dollars in the fourth quarter last year. The company said, the remainder of the year-over-year increase in net sales in the fourth quarter reflects strength in the company's wholesale business, including new product launches, partially offset by declines in net sales of the company's legacy retail businesses.
The company reported a fourth quarter GAAP net loss of 542,000 dollars or 0.01 dollar per share, compared to 20.1 million dollars or 0.42 dollar per share, in the fourth quarter last year. Non-GAAP net income per diluted share was 0.26 dollar for the fourth quarter compared to 0.16 dollar per share in the same period prior year.
The company reported GAAP net income of 62.1 million dollars or 1.25 dollars per diluted share, compared to 51.9 million dollars or 1.10 dollars per diluted share, in the prior year. Non-GAAP net income per diluted share was 1.60 dollars for the full fiscal year compared to 1.42 dollars in the prior fiscal year.
G-III expects improved results for FY19 and Q1
For fiscal 2019, the company is forecasting net sales of approximately 2.94 billion dollars and net income between 97 million dollars and 102 million dollars or between 1.90 dollars and 2 dollars per diluted share. The company is anticipating non-GAAP net income for fiscal year 2019 between 101 million dollars and 106 million dollars or between 1.98 dollars and 2.08 dollars per diluted share. Full-year adjusted EBITDA for fiscal 2019 is expected between 218 million dollars and 227 million dollars compared to 201.3 million dollars in fiscal 2018.
For the first fiscal quarter ending April 30, 2018, the company is forecasting net sales of approximately 570 million dollars and a net loss between 2 million dollars and 7 million dollars or 0.04 dollar to 0.14 dollar per share. This forecast compares to net sales of 529 million dollars and a net loss of 10.4 million dollars or 0.21 dollar per share, reported in the first quarter of fiscal 2018. On an adjusted basis, excluding non-cash imputed interest, the company is forecasting a non-GAAP net loss between 0.02 dollar and 0.12 dollar per share. This compares to a net loss of 0.18 dollar in first quarter of fiscal year 2018.