“We are pleased to have completed our previously announced acquisition of the remaining 81 per cent of the iconic Karl Lagerfeld brand, further expanding our global reach. In the second quarter of fiscal 2023, we continued to see significant year-over-year sales growth across our power brands. We are managing the business prudently with a keen eye towards gaining market share and building on our strengths while further expanding our global reach. Looking ahead, we are in a good position for the Fall season and our order book remains strong,” Morris Goldfarb, G-III’s chairman and chief executive officer, said.
G-III Apparel Group’s net sales for the second quarter ended July 31, 2022 increased 25 per cent to $605.2 million from $483.1 million in the prior year’s quarter. The company reported net income for the second quarter of $36.3 million, or $0.74 per diluted share, compared to $19.2 million, or $0.39 per diluted share, in the prior year’s quarter.
“Given the challenging environment that has rapidly developed over the last few months, we are taking a more conservative view for the balance of the year. We have a strong track record of managing through difficult business conditions and remain confident in our strategy and in our ability to deliver on our updated full year expectations, as the overall fundamentals of our business remain solid,” Goldfarb concluded.
For fiscal 2023, the company expects net sales of approximately $3.15 billion and net income between $182 million and $187 million, or between $3.69 and $3.79 per diluted share. This compared to net sales of $2.77 billion and net income of $200.6 million, or $4.05 per diluted share, last year. This guidance is inclusive of approximately $130.0 million in net sales and net income of approximately $0.10 per diluted share in connection with the operations of the Karl Lagerfeld business for the seven months in this fiscal year subsequent to Karl Lagerfeld becoming a wholly-owned subsidiary of the company.
Fibre2Fashion News Desk (RR)
