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By
Reuters
Published
Jun 7, 2010
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G-III posts narrower-than-expected first quarter loss

By
Reuters
Published
Jun 7, 2010

June 7 (Reuters) - G-III Apparel Group Ltd (GIII.O) posted a quarterly loss significantly narrower than expected, helped by strong spring business in its dress and sportswear categories, and forecast full-year earnings above market estimates.


Guess by Marciano from G-III Apparel Group - Photo: www.g-iii.com

For fiscal 2011, G-III sees earnings of $2.20 to $2.30 a share on revenue of $950 million.

Analysts on average expect earnings of $2.17 a share on revenue of $891.8 million, according to Thomson Reuters I/B/E/S.

For the first quarter ended April 30, the company posted a net loss of $1.4 million, or 7 cents a share, compared with net loss of $6.8 million, or 41 cents a share, a year ago.

Revenue rose 43 percent to $154.3 million.

Analysts on average had expected loss of 19 cents per share on revenue of $134.8 million.

Shares of the company closed at $27.6 Friday 4 June on Nasdaq. (Reporting by Shobhana Chadha in Bangalore; Editing by Don Sebastian)

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