G-III Apparel Group (NASDAQ:GIII) noticed its shares climbing out of the rubble of last week and early this, on the release of its Q3 earnings report.
Net sales for the third quarter ended October 31, 2021 increased 22.8% to $1.02 billion from $826.6 million in the prior year’s quarter. The Company reported net income for the third quarter of $106.7 million, or $2.16 per diluted share, compared to $63.2 million, or $1.29 per diluted share, in the prior year’s quarter.
The Company completed the restructuring of its retail operations segment during fiscal 2021 and closed its Wilsons Leather and G.H. Bass stores. Included in the Company’s results for the third quarter of last year are net losses from the Wilsons Leather and G.H. Bass store operations of $12.0 million, or $(0.25) per diluted share.
These results reflect direct store operations including impairment charges, but do not include any allocated corporate overhead charges, shared administrative expenses or shared distribution expenses.
Said CEO Morris Goldfarb, "The strong momentum in our business in the first half continues, as we delivered outstanding third-quarter results with both top and bottom line exceeding our guidance.
"Given the strong demand we are seeing across our brands, we are well positioned for the holiday season. We are raising our full-year guidance and expect to deliver our highest annual earnings in our company’s history."
The company's market cap stands at $1.5 billion.
GIII shares leaped $2.26, or 7.6%, to $31.90.
Related Stories
