G-III Apparel Group Ltd. (GIII) reported better-than-expected earnings for the third quarter of 2019 but revenues came in shy of estimates. Shares plunged 13.7% in morning trade on Thursday.
Net sales grew 4.7% to $1.07 billion from the same period last year. Net income improved to $94 million, or $1.86 per share, from $81.6 million, or $1.65 per share, in the prior-year period. Adjusted EPS totaled $1.88 in the quarter.
G-III’s Chairman and CEO Morris Goldfarb said, “In our largest shipping quarter, the continued momentum in our wholesale business enabled us to surpass our third quarter earnings guidance. We again demonstrated great ability to successfully leverage our five global power brands. Our products are set up well across our channels of distribution for the important holiday season and we believe we will have a strong finish to the year.”
The company raised its guidance for the full year of 2019 and now expects net sales of around $3.08 billion versus the previous figure of around $3.06 billion. Net income is expected to come in the range of $132 million to $137 million, or $2.59 to $2.69 per share, versus the prior outlook of $125 million to $130 million, or $2.45 to $2.55 per share.
Adjusted net income is expected to come between $136 million and $141 million, or $2.67 and $2.77 per share for the full year. This compares to the previous range of $129 million to $134 million, or $2.52 to $2.62 per share.
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