G-III Apparel Group, Ltd. (GIII) swung to a net loss for the quarter ended Jan. 31, 2017. The company has made a net loss of $20.10 million, or $ 0.42 a share in the quarter, against a net profit of $7.96 million, or $0.17 a share in the last year period. On an adjusted basis, loss per share was at $0.16 for the quarter compared with a profit of $0.17a share in the same period last year.
Revenue during the quarter grew 14.38 percent to $603.29 million from $527.43 million in the previous year period. Gross margin for the quarter contracted 107 basis points over the previous year period to 32.84 percent. Operating margin for the quarter stood at negative 3.62 percent as compared to a positive 2.36 percent for the previous year period.
Operating loss for the quarter was $21.86 million, compared with an operating income of $12.43 million in the previous year period.
Morris Goldfarb, chairman and chief executive officer of G-III Apparel Group, Ltd., commented, "Fiscal 2017 was another important year for our Company. We completed the acquisition of Donna Karan which made us the owner of two of the world’s most iconic and recognizable power brands in Donna Karan and DKNY. This acquisition further bolsters our value proposition and strengthens our position as an all-season diversified apparel company with a broad portfolio of brands offered in multiple channels of retail distribution. Our non-outerwear wholesale business performed well in the face of 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. We expect to initiate a number of new product launches in the coming year as we seek to offer superior value in the marketplace."
For the first-quarter 2018, G-III Apparel Group, Ltd. expects revenue to be $500 million. The Company expects net loss to be in the range of $20 million to $25 million. The company forecasts diluted loss per share to be in the range of $0.41 to $0.51. On an adjusted basis, the company forecasts diluted loss per share to be in the range of $0.35 to $0.45.
For fiscal year 2018, G-III Apparel Group, Ltd. expects revenue to be $2,730 million for fiscal year 2018. The Company expects net income to be in the range of $40 million to $45 million. The Company forecasts adjusted net income to be in the range of $49 million to $54 million. The Company forecasts diluted earnings per share to be in the range of $0.80 to $0.90. The Company forecasts diluted earnings per share to be in the range of $0.99 to $1.09 on adjusted basis.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
