G-III Apparel Group (GIII) Tops Q4 EPS by 8c, Revenues Miss; Will Not Provide Any Guidance Due to COVID-19

G-III Apparel Group (NASDAQ: GIII) reported Q4 EPS of $0.75, $0.08 better than the analyst estimate of $0.67. Revenue for the quarter came in at $754.6 million versus the consensus estimate of $787.09 million.

Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “The coronavirus outbreak has sent shockwaves through our industry and country. The health and welfare of our associates is of utmost importance to us. We have closed our retail stores and corporate offices and continue to work remotely or from safe spaces in order to remain operational.”

Mr. Goldfarb continued, “We currently have approximately $800 million of cash and availabilty under our bank facilities. This strong financial position is important as we move forward and strategically plan the balance of our year. We remain confident in our ability to adjust and adapt to the challenges and opportunities that lie ahead.”

Mr. Goldfarb concluded, “We continue towards the restructuring of our retail operations. We are focused on significantly reducing the number of stores we operate and remain committed to substantially reducing the losses from our retail operations as swiftly and efficiently as possible. We reported another year of growth driven by our wholesale segment. Our success remains anchored by our five global power brands: DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld. We are confident our solid wholesale business, along with a more streamlined retail operation, creates a strong foundation for continued growth.”

Outlook

The Company is closely monitoring the developments associated with the coronavirus outbreak and its impact on our sales, results of operations and supply chain. It is difficult to forecast the effects of the outbreak on our fiscal 2021 results. As a result, the Company is not currently providing any guidance and expects to provide additional information when it releases results for its first quarter of fiscal 2021.

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

You May Also Be Interested In

• Chevron (CVX) earnings fall short while revenue tops estimates in Q1
• GrafTech International Ltd. (EAF) Tops Q1 EPS by 4c, provides outlook
• Western Digital (WDC) posts FQ3 earnings, revenue beat; shares down