G-III Apparel Group (NASDAQ: GIII) reported Q1 EPS of ($0.18), $0.22 better than the analyst estimate of ($0.40). Revenue for the quarter came in at $529 million versus the consensus estimate of $497.88 million.

Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “Our wholesale business continues its strong growth and demonstrates the power of our brand portfolio to transcend a difficult market environment and retain a leadership position as one of the most high-performing vendors for our retail customers. Offsetting our strong wholesale performance were the previously forecasted losses with respect to our own retail stores and the development of the Donna Karan business.”

Mr. Goldfarb continued, “We are reducing operating costs in our retail business, closing and repurposing stores and enhancing our store product offerings, all which are intended to help us significantly reduce the losses in our retail operations.”

Mr. Goldfarb concluded, “We are approaching an inflection point for the Donna Karan business where our efforts are expected to yield profitable results for this business in the second half of this fiscal year. Overall, we believe that we are in a renewed position to drive higher levels of growth, investment returns and value to customers, consumers and shareholders.”

GUIDANCE:

G-III Apparel Group sees FY2018 EPS of $1.04-$1.14, versus the consensus of $1.01 and prior of $0.80 and $0.90. G-III Apparel Group sees FY2018 revenue of $2.76 million, versus the consensus of $2.72 million and prior of approximately $2.73 billion.

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