G-III Apparel Group (NASDAQ: GIII) reported Q3 EPS of $1.29, $0.52 better than the analyst estimate of $0.77. Revenue for the quarter came in at $826.56 million versus the consensus estimate of $768.16 million.

Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “Our results reflect a significant sequential improvement in the third quarter as we effectively developed product lines that aligned with the shift in consumer demand towards casual, comfortable and functional clothing. We believe our product assortments for our portfolio of global brands are responsive to today’s market trends as we continue to gain market share.”

Mr. Goldfarb concluded, “We are very fortunate and appreciative to have an experienced and talented global team at G-III that has proactively met the extraordinary challenges presented by the pandemic. We ended the quarter with a strong financial position, with approximately $800 million of cash and availability under our revolving credit facility. We are well positioned to complete the year in line with our expectations.”

Outlook

The Company expects net sales to decline approximately 30% in the fourth quarter of its fiscal year compared to the same period last year. As the developments associated with the COVID-19 pandemic continue to be fluid and there is significant uncertainty related to its impact, the Company is not currently providing any additional guidance.

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