Piper Jaffray Remains Sidelined on G-III Apparel Group (GIII) Following 2Q Miss
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Piper Jaffray maintained a Neutral rating and $48.00 price target on G-III Apparel Group (NASDAQ: GIII) following the company's 2Q earnings report. Sales were down 7% to $442M vs. the Street's $485M. The company reported a LPS of ($0.03), well below guidance and the Street's $0.18.
Analyst Erinn Murphy commented, "We are reiterating our Neutral rating on GIII shares following its Q2 report, where the company reported a loss per share of $0.03, well below our EPS estimate of $0.15 and the Street's $0.18. Sales for Q2 were $442M or down 7% YY vs. our $485M estimate which was looking for a 2% Y/Y increase. In the release, mgmt indicated that wholesale for non-outerwear continued to be the bright spot offset by outerwear weakness and retail underperformance. We note the company has an additional 8-K out this morning giving further long-term details on the business model. As it relates to guidance, management lowered its FY17 guidance from sales of $2.56B to $2.48B and EPS from $2.55-$2.65 to $2.16-$2.26. Looking at Q3 in particular, sales are estimated to be $940M (vs. our $1,021M estimate and the Street's $1,007M estimate) and EPS is forecasted in a range of $1.50- $1.60 (PJC: $2.07 vs. Street: $2.02)."
Shares of G-III Apparel closed at $41.77 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesPiper Jaffray, Earnings, Erinn Murphy
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