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Dec. 1, 2021, 7:16 a.m. EST

G-III Apparel stock jumps after profit rises above expectations and full-year outlook was raised

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By Tomi Kilgore

Shares of G-III Apparel Group Ltd. /zigman2/quotes/201364718/composite GIII +0.22% jumped 5.4% in premarket trading Wednesday, after the apparel and accessories company, which brands include DKNY, Calvin Klein and Tommy Hilfiger, reported fiscal third-quarter profit that beat expectations and revenue that matched, and raised its full-year outlook, as "strong demand" helped offset pressure on margins from rising costs. Net income for the quarter to Oct. 31 rose to $106.7 million, or $2.16 a share, from $63.2 million, or $1.29 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.79. Sales increased 22.8% to $1.02 billion, matching the FactSet consensus. Cost of sales increased 26.3% to $667.9 million, to lower gross margin to 34.2% from 36.0%. The company raised its EPS guidance range for the year ending Jan. 31 to between $3.67 and $3.75 from between $3.10 and $3.20, and lifted its sales outlook to $2.77 billion from $2.70 billion. "Given the strong demand we are seeing across our brands, we are well positioned for the holiday season," said Chief Executive Morris Goldfarb. "We are raising our full year guidance and expect to deliver our highest annual earnings in our company's history." The stock has dropped 9.0% over the past three months through Tuesday while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.08% has gained 1.0%.

/zigman2/quotes/201364718/composite
US : U.S.: Nasdaq
$ 27.53
+0.06 +0.22%
Volume: 327,235
Jan. 14, 2022 4:00p
P/E Ratio
8.16
Dividend Yield
N/A
Market Cap
$1.34 billion
Rev. per Employee
$771,098
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/zigman2/quotes/210599714/realtime
US : S&P US
4,662.85
+3.82 +0.08%
Volume: 2.52B
Jan. 14, 2022 5:16p
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