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Here's Why G-III Apparel (GIII) Stock is Crashing Today
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On Monday, shares of G-III Apparel Group (GIII - Free Report) , a clothing manufacturer that distributes brands like Ivanka Trump and Donna Karan, are crashing, down over 12% in morning trading after the company reported disappointing fourth quarter fiscal 2017 results.
G-III reported earnings of a loss of 16 cents per share, missing the Zacks Consensus Estimate of a loss of nine cents per share; this number excludes 26 cents from non-recurring items. Revenues came in at $603 million, also lagging behind our consensus estimate of $624 million but increasing 14.4% year-over-year thanks to strength in G-III’s non-outerwear wholesale business.
Like many apparel retailers, G-III was confronted with weak mall traffic and changing consumer habits, facing “significant headwinds as the traditional retail environment has become increasingly disrupted as a result of evolving consumer buying behavior and continued penetration of e-commerce,” Chief Executive Officer Morris Goldfarb said in a statement.
The company is also working through last year’s $650 million takeover of the Donna Karan and DKNY brands from LVMH, the French multinational luxury goods conglomerate; G-III expected the acquisition to effect profits during fiscal 2017, and then adding to earnings later.
Looking ahead, G-III expects net sales of roughly $2.73 billion and net income between $40 million and $45 million, or earnings between 80 and 90 cents per diluted share for fiscal 2018.
Currently, G-III is a #3 (Hold) on the Zacks Rank.
Zacks' Top 10 Stocks for 2017
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Here's Why G-III Apparel (GIII) Stock is Crashing Today
On Monday, shares of G-III Apparel Group (GIII - Free Report) , a clothing manufacturer that distributes brands like Ivanka Trump and Donna Karan, are crashing, down over 12% in morning trading after the company reported disappointing fourth quarter fiscal 2017 results.
G-III reported earnings of a loss of 16 cents per share, missing the Zacks Consensus Estimate of a loss of nine cents per share; this number excludes 26 cents from non-recurring items. Revenues came in at $603 million, also lagging behind our consensus estimate of $624 million but increasing 14.4% year-over-year thanks to strength in G-III’s non-outerwear wholesale business.
Like many apparel retailers, G-III was confronted with weak mall traffic and changing consumer habits, facing “significant headwinds as the traditional retail environment has become increasingly disrupted as a result of evolving consumer buying behavior and continued penetration of e-commerce,” Chief Executive Officer Morris Goldfarb said in a statement.
The company is also working through last year’s $650 million takeover of the Donna Karan and DKNY brands from LVMH, the French multinational luxury goods conglomerate; G-III expected the acquisition to effect profits during fiscal 2017, and then adding to earnings later.
Looking ahead, G-III expects net sales of roughly $2.73 billion and net income between $40 million and $45 million, or earnings between 80 and 90 cents per diluted share for fiscal 2018.
Currently, G-III is a #3 (Hold) on the Zacks Rank.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>