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.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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