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G-III Apparel Beats 3Q Profit Forecasts

G-III Apparel Group Ltd. on Wednesday reported fiscal third-quarter earnings of $87.2 million. The results exceeded Wall Street expectations.
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  • Associated Press

NEW YORK, United States — G-III Apparel Group Ltd. on Wednesday reported fiscal third-quarter earnings of $87.2 million.

On a per-share basis, the New York-based company said it had net income of $1.87. Earnings, adjusted for non-recurring gains, were $1.85 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.78 per share.

The clothing and accessories maker posted revenue of $909.9 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $916.4 million.

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G-III Apparel expects full-year earnings in the range of $2.65 to $2.80 per share.

G-III Apparel shares have fallen 6 percent since the beginning of the year. The stock has increased 14 percent in the last 12 months.

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