G-III Apparel Group, Ltd. (NASDAQ: GIII) hiked Tuesday after the company reported better-than-expected results for its first quarter and raised its full-year guidance.
The New York-based G-III reported net sales for the first quarter of fiscal 2019 increased 16% to a first quarter record of $611.7 million compared to $529.0 million in the year-ago period.
The Company reported net income for the first quarter of $9.9 million, or $0.20 per diluted share, compared to a net loss of $10.4 million, or $(0.21) per share, in the prior year’s comparable period.
Non-GAAP net income per diluted share was $0.22 for the first quarter of this year compared to a non-GAAP net loss of $(0.18) per share in the same period last year
The Company also increased its prior guidance for the full fiscal year 2019 ending January 31, 2019. The Company now expects net sales of about $2.97 billion and net income between $112 million and $117 million, or between $2.20 and $2.30 per diluted share, for fiscal 2019.
G-III previously forecast net sales of approximately $2.94 billion and net income between $97 million and $102 million, or between $1.90 and $2.00 per diluted share, for fiscal 2019.
CEO Morris Goldfarb said, "We are pleased to have begun the year with a solid quarter across the board. Strong brands, quality product, diversified distribution and great execution continue to be our winning formula. We are excited to see the momentum continue and have increased confidence in our outlook for the remainder of this year."
Shares in G-III vaulted $5.29, or 13.8%, to $48.80
