G-III Apparel Group (NASDAQ:GIII) saw its shares take flight early Thursday, after the company reported second-quarter earnings of 23 cents per share, which beat the analyst consensus estimate of 22 cents. This is a 4.55% increase over earnings of 22 cents per share from the same period last year.
The New York-based company reported quarterly sales of $643.9 million, which missed the analyst consensus estimate of $656.57 million. This is a 3.07% increase over sales of $624.698 million the same period last year.
G-III cut its fiscal year 2020 guidance EPS from $3.25-$3.35 to $3.15-$3.25 versus the $3.17 estimate, but raised sales guidance from $3.28 billion to $3.3 billion versus the $3.25-billion estimate.
Said CEO Morris Goldfarb, "We are pleased to report second-quarter results that met our expectations and were fueled by continued outperformance in our wholesale business enabling us to navigate the ever-changing retail landscape."
For fiscal 2020, the Company is now forecasting net sales of approximately $3.30 billion and net income between $154 million and $159 million, or between $3.10 and $3.20 per diluted share. This compares to net sales of approximately $3.08 billion and net income of $138.1 million, or $2.75 per diluted share for fiscal 2019.
The Company is anticipating non-GAAP net income for fiscal 2020 between $156 million and $161 million, or between $3.15 and $3.25 per diluted share
G-III shares were trading up $3.86, or 20.5% to $22.70 early Thursday.
The stock has a 52-week high of $50.83 and a 52-week low of $18.18.
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