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G-III Apparel Group Ltd (NASDAQ:GIII) reported mixed financial results for the fourth quarter on Thursday.
G-III Apparel reported a fourth-quarter FY24 sales decline of 10.5% year-on-year to $764.78 million, missing the analyst consensus estimate of $817.48 million. Adjusted EPS of 76 cents beat the analyst consensus estimate of 68 cents, according to data from Benzinga Pro.
The operating margin was 6.1%, and operating income for the quarter was $46.3 million.
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, "This year was important for G-III as we began to execute on our path for the future, while delivering strong profitability. We delivered strong growth with DKNY, Karl Lagerfeld and Vilebrequin, increasing penetration of our higher margin, owned brands to 47% of fiscal 2024 net sales, up from 40% last year. Our diverse business model and disciplined operating approach has allowed us to further strengthen our credit profile as we ended the year in a net cash position, with over a billion dollars in liquidity."
G-III said it sees FY25 sales of $3.20 billion versus an estimate of $3.203 billion. The company expects FY25 adjusted EPS of $3.50 – $3.60 versus the consensus of $3.89 and sees Adjusted EBITDA of $290 million – $295 million.
G-III sees first-quarter net sales of $615 million versus an estimate of $614.7 million and an adjusted EPS of $(0.10) – $0.00 against an estimate of $0.12.
G-III shares fell 12.1% to close at $26.67 on Thursday.
These analysts made changes to their price targets on G-III Apparel following earnings announcement.
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Posted In: GIII
