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G-III Apparel reports higher Q3 net income, updates outlook for fiscal 2013

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Dec 19, 2012 (Datamonitor via COMTEX) -- G-III Apparel Group, Ltd. has reported a net income attributable to the company of $48.29 million, or $2.37 per diluted share, for the third quarter ended October 31, 2012, compared to $43.55 million, or $2.16 per diluted share, for the same quarter ended October 31, 2011. For fiscal 2013, the company expects EPS between $2.71 and $2.81 per diluted share.

Net sales for the third quarter ended October 31, 2012 were $543.51 million, compared to $510.01 million, for the same quarter ended October 31, 2011.

Net income attributable to the company for the nine months ended October 31, 2012 was $48.80 million, or $2.40 per diluted share, compared to $44.60 million, or $2.21 per diluted share, for the same period ended October 31, 2011.

Net sales for the nine months ended October 31, 2012 were $1.02 billion, compared to $936.85 million, for the same period ended October 31, 2011.

Morris Goldfarb, G-III's Chairman and CEO, said, "We are very pleased to have reported a strong quarter. Even though the hurricane in New York caused an interruption of shipping during our peak days this quarter, we were still able to exceed our earnings targets as a result of realizing higher gross margins. We remain confident in our ability to achieve our forecasts for the year."

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