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G-III Apparel Group (GIII) Tops Q2 EPS by 46c, Revenues Miss

September 9, 2020 7:04 AM EDT

G-III Apparel Group (NASDAQ: GIII) reported Q2 EPS of ($0.31), $0.46 better than the analyst estimate of ($0.77). Revenue for the quarter came in at $297.21 million versus the consensus estimate of $327.39 million.

Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “The pandemic has had a major impact on the fashion industry and our second quarter results. Our customers now prefer casual, comfortable and functional attire. Through our broad range of brands and product categories, G-III is able to capitalize on these changing trends. We have reset our order book for the balance of the year and shifted our product assortment to athleisure, jeans, casual sportswear and coats.”

Mr. Goldfarb concluded, “We refinanced our balance sheet and extended the maturity of our revolving credit facility and term debt to 2025. In addition, the closure of Wilsons Leather and G.H. Bass stores, expected to be completed by the end of this fiscal year, will result in the elimination of significant operating losses. I am confident that as we navigate through the pandemic, our financial strength and dedicated management team will further advance our leadership position and set the stage for future market share gains.”

For earnings history and earnings-related data on G-III Apparel Group (GIII) click here.



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