G-III raises earning outlook, appoints chief growth officer

G-III Apparel Group’s net sales for the third quarter decreased 1 percent to 1.07 billion dollars.

The company said net income rose to 127.6 million dollars or 2.74 dollars per diluted share, while non-GAAP net income per diluted share increased to 2.78 dollars for the third quarter.

G-III also announced that it has appointed Dana Perlman as its new chief growth and operations officer, effective January 8, 2024.

Commenting on the trading results, Morris Goldfarb, G-III’s chairman and chief executive officer, said: “For the third quarter of fiscal 2024, we delivered strong profitability, well exceeding our earnings per diluted share guidance, driven by strength across our wholesale segment, our prudent inventory management and our financial discipline.”

G-III appoints new chief growth and operations officer

In the newly created role, Perlman, the company added, will oversee strategy, finance, communications, information technology, and other operating functions.

“As we focus on new opportunities to evolve our business, I am pleased to welcome Dana to G-III. With impressive experience and a strong track record of success leading strategy, finance and business development, she brings a wealth of industry expertise and is well-equipped to support our plans,” added Goldfarb.

Previously, Perlman spent 10 years at PVH Corp. and before that, held several roles in investment banking at Barclays Capital, Lehman Brothers and Credit Suisse First Boston. She is a director of O’Reilly Automotive Inc. and previously served on the Board of Sigma Lithium Corp.

On her new role at G-III, Perlman said: “I look forward to working with Morris and the entire team to further enhance the company's strategy and financial and operating performance, as well as advance its competitive position for the future.”

In 2023 and 2018, Perlman was recognized by WomenInc. in their annual Most Influential Corporate Board Directors list, and in 2018 by Equilar in their 50 Youngest U.S. Public Company Board Members list.

G-III raises earnings outlook

Raising its outlook for the year ahead, the company said, it expects net sales of approximately 3.15 billion dollars and net income between 175 million dollars and 180 million dollars or between 3.75 dollars and 3.85 dollars per diluted share.

This compares to net sales of 3.23 billion dollars and a net loss of 133.1 million dollars or loss of 2.79 dollars per share, for fiscal 2023.

The company is anticipating non-GAAP net income between 182 million dollars and 187 million dollars or between 3.90 dollars and 4 dollars per diluted share compared to 138.8 million dollars or 2.85 dollars per diluted share, for fiscal 2023.

G-III is projecting full-year adjusted EBITDA between 317 million dollars and 322 million dollars compared to 266.1 million dollars in fiscal 2023.