G-III Apparel Group (NASDAQ: GIII) reported Q1 EPS of $0.22, $0.28 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $611.7 million versus the consensus estimate of $567.36 million.

Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We are pleased to have begun the year with a solid quarter across the board. Strong brands, quality product, diversified distribution and great execution continue to be our winning formula. We are excited to see the momentum continue and have increased confidence in our outlook for the remainder of this year. We believe our long-term growth opportunities have never been more compelling and we remain focused on capturing market share, driving growth, improving profitability and creating exceptional value for our shareholders.”

Outlook

The Company today increased its prior guidance for the full fiscal year 2019 ending January 31, 2019. The Company now expects net sales of approximately $2.97 billion and net income between $112 million and $117 million, or between $2.20 and $2.30 per diluted share, for fiscal 2019. The Company previously forecasted net sales of approximately $2.94 billion and net income between $97 million and $102 million, or between $1.90 and $2.00 per diluted share, for fiscal 2019.

The Company is anticipating non-GAAP net income for fiscal 2019 between $116 million and $121 million, or between $2.27 and $2.37 per diluted share compared to our previous guidance of non-GAAP net income for fiscal year 2019 between $101 million and $106 million, or between $1.98 and $2.08 per diluted share. Non-GAAP guidance excludes non-cash imputed interest expense of approximately $5.0 million, or $0.07 per diluted share, related to the note issued to the seller as part of the consideration for the DKI acquisition.

The Company is projecting full-year adjusted EBITDA for fiscal 2019 between $236 million and $246 million compared to its previous forecast of adjusted EBITDA between $218 million and $227 million.

For the second quarter of fiscal 2019 ending July 31, 2018, the Company is forecasting net sales of approximately $590 million and net income or loss between a net loss of $3.5 million and net income of $1.5 million, or between a net loss of $(0.07) per share and net income of $0.03 per diluted share. This forecast compares to net sales of $538.0 million and a net loss of $8.6 million, or ($0.18) per share, reported for the second quarter of fiscal 2018.

GUIDANCE:

G-III Apparel Group sees FY2019 EPS of $2.20-$2.30, versus the consensus of $2.06. G-III Apparel Group sees FY2019 revenue of $2.97 billion, versus the consensus of $2.97 billion.

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