— G-III Apparel Group Ltd. (NASDAQ: GIII) reported its third-quarter 2020 adjusted earnings of $1.99 per share versus $1.94 per share expected.
— Net sales rose by 5% to $1.13 billion versus $1.17 billion expected. The company maintained good momentum in its wholesale business, in spite of the challenging retail and macro environment.
— Looking ahead into fiscal 2020, the company lowered its net sales outlook to about $3.20 billion from the previous estimate of about $3.30 billion. This is compared to the consensus estimates of $3.28 billion.
— The earnings guidance is reduced to the range of $3.01-3.11 per share from the prior range of $3.10-3.20 per share for the full year.
— The adjusted earnings forecast is cut to the range of $3.06-3.16 from the previous range of $3.15-3.25 per share for fiscal 2020. This is compared to the analysts’ expectations of $3.16 per share.
— The company projects fiscal 2020 adjusted EBITDA in the range of $283-288 million compared to adjusted EBITDA of $269.4 million in fiscal 2019.
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