KeyBanc Reiterates Overweight Rating on G-III Apparel (GIII)

KeyBanc analyst Ashley Owens reiterated an Overweight rating and $32.00 price target on G-III Apparel (NASDAQ: GIII).

The analyst commented, "GIII posted 1Q rev. of $609.7M (+0.5% y/y) and adj. EPS of $0.12, driven by DD% growth in DKNY and KL (+50% in NA), and the Donna Karan relaunch driving higher avg. AURs and sell-through. Additionally, GIII announced a partnership and ~12% ownership stake investment (~20% by YE, option to expand ownership over time) in AWWG (All We Wear Group) to help expand the KL, DKNY, and Donna Karan businesses across Spain, Portugal, as well as India. We remain encouraged by opportunities within go-forward owned and new launches (expect ~70% of FY24 sales), addition of 2,500+ points of sale at dept. stores, retail segment turnaround plans, and continued management of transition away from PVH licenses (~30% of FY24 sales vs. ~40% FY23). We remain OW."

For an analyst ratings summary and ratings history on G-III Apparel click here. For more ratings news on G-III Apparel click here.

Shares of G-III Apparel closed at $27.08 yesterday.

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