G-III Apparel Reports 2Q Loss

NEW YORK, United States — G-III Apparel Group Ltd. on Tuesday reported a fiscal second-quarter loss of $1.3 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the New York-based company said it had a loss of 3 cents. Earnings, adjusted for non-recurring costs, were 1 cent per share.

The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.

The clothing and accessories maker posted revenue of $442.3 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $485 million.

For the current quarter ending in November, G-III Apparel expects its per-share earnings to range from $1.50 to $1.60.

The company said it expects revenue in the range of $940 million for the fiscal third quarter.

G-III Apparel expects full-year earnings in the range of $2.20 to $2.30 per share, with revenue expected to be $2.48 billion.

G-III Apparel shares have decreased roughly 6 percent since the beginning of the year. The stock has decreased 39 percent in the last 12 months.