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Published
Jun 6, 2017
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G-III boosts fiscal year guidance on record Q1 sales

Published
Jun 6, 2017

G-III Apparel on Tuesday increased its fiscal year 2018 guidance following a record first quarter sales performance. The fiscal year guidance increased to $2.76 billion from the previously forecasted $2.73 billion from January, and the net income increased to a range of $52 million to $57 million from $40 million and $45 million.
 
Non-GAAP net income also increased to a range of $60 million and $65 million from $49 million and $54 million.
 


Though G-III increased its net income guidance for the year, the company reported a first quarter net loss of $10.4 million, or $(0.21) loss per share, compared to net income of $2.8 million, or $0.06 per diluted share, in the previous year and a non-GAAP net loss per share of $(0.18) compared to net income per share of $0.06 in the prior year.
 
Both GAAP and non-GAAP results include operating losses of $14.8 million and additional cash interest expense of $7.3 million related to the operation and ownership of DKI.

Chairman and CEO Morris Goldfarb said that the company is reducing operating costs in its retail business, closing and repurposing stores, and enhancing store product offerings in order to reduce the losses in retail.
 
Net sales increased 16% to $529.0 million, driven by strong growth in the wholesale segment, according to Goldfarb, but the growth was offset by previously forecasted losses “with respect to our own retail stores and the development of the Donna Karan business.”
 
G-III Apparel acquired Donna Karan International in December 2016 and immediately reported sales increases with the addition of the business. The company is focused on the mid-year launch of Donna Karan and DKNY, and entered a multi-year licensing agreement with PVH in May to design and distribute DKNY menswear in the US and Canada and launch the new DKNY Sport for Men category.
 
The company expects to incur losses from Donna Karan during the first half of fiscal 2018 that will be partially offset by operating profitability beginning in the third quarter and Donna Karan-related transitional expenses of $7 million and non-cash imputed interest expense of $6 million.
 
Goldfarb said, “We are approaching an inflection point for the Donna Karan business where our efforts are expected to yield profitable results for this business in the second half of this fiscal year. Overall, we believe that we are in a renewed position to drive higher levels of growth, investment returns and value to customers, consumers and shareholders.”
 
For the second quarter, G-III expects net sales of $520 million and net loss between $15 million and $20 million, or between $(0.30) and $(0.40) per share.

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