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G-III Apparel Beats 1Q Profit Forecasts

G-III Apparel Group Ltd. has reported fiscal first-quarter earnings of $2.8 million.
The G-III Apparel Group licenses Calvin Klein's outerwear | Source: Shutterstock
By
  • Associated Press

NEW YORK, United States — G-III Apparel Group Ltd. on Wednesday reported fiscal first-quarter earnings of $2.8 million.

The New York-based company said it had profit of 6 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.

The clothing and accessories maker posted revenue of $457.4 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $475.3 million.

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For the current quarter ending in August, G-III Apparel said it expects revenue in the range of $485 million.

The company expects full-year earnings to be $2.55 to $2.65 per share, with revenue expected to be $2.56 billion.

G-III Apparel shares have fallen 12 percent since the beginning of the year. The stock has declined 31 percent in the last 12 months.

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