G-III Apparel Group (NASDAQ: GIII) reported Q1 EPS of $0.53, $0.38 better than the analyst estimate of $0.15. Revenue for the quarter came in at $519.9 million versus the consensus estimate of $462.03 million.

Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We were pleased with our strong outperformance in the first quarter of this fiscal year. With each passing week, sales for broader lifestyle apparel, such as sportswear, wear-to-work attire and dresses, are accelerating and our overall business in North America is getting stronger. We believe these trends provide a good indication for the remainder of the year and give us confidence that we and our industry are well on our way to recovery. We believe we are well positioned to capitalize on consumer demand as the year progresses and are optimistic about this fiscal year.”

Mr. Goldfarb concluded, “Reflecting upon the last year and the difficult challenges posed by the global pandemic, it is impressive to see how effectively we navigated through this period, demonstrating the power and diversification of G-III’s business to adapt and succeed in any environment. As the world reopens, we are in a strong financial position, which we believe will allow us to fund our growth domestically and internationally and enable us to take advantage of opportunities that arise.”

GUIDANCE:

G-III Apparel Group sees FY2022 EPS of $2.60-$2.70, versus the consensus of $2.41. G-III Apparel Group sees FY2022 revenue of $2.57 billion, versus the consensus of $2.53 billion.

G-III Apparel Group sees Q2 2022 EPS of $0.03-$0.13, versus the consensus of $0.07. G-III Apparel Group sees Q2 2022 revenue of $460 billion, versus the consensus of $485.8 billion.

• G-III Apparel Group today issued guidance for the fiscal year ending January 31, 2022. As the developments associated with the COVID-19 pandemic continue to be fluid, the Company’s fiscal year 2022 guidance does not contemplate any reimposition of government-mandated store closures or other governmental restrictions that were previously imposed as a result of the COVID-19 pandemic which could have a material impact on our net sales, results of operations and supply chain during fiscal 2022. The Company’s fiscal 2022 results could differ materially from its current outlook as a result of the occurrence of any of these or other uncontemplated events.
• For fiscal 2022, the Company is forecasting net sales of approximately $2.57 billion which compares to $2.06 billion last year. Last fiscal year’s net sales included $91.8 million from the Wilsons Leather and G.H. Bass stores. Net income for fiscal 2022 is expected to be between $125 million and $135 million, or between $2.60 and $2.70 per diluted share. This compares to net income of $23.5 million, or $0.48 per diluted share, last year. The results last year included a net loss per diluted share of $(1.14) associated with the Wilsons Leather and G.H. Bass store operations.
• For the second quarter of the current 2022 fiscal year, we expect net sales of approximately $460 million, which compares to $297.2 million in the same period last year. Last year’s net sales for the second quarter included $19.7 million from the Wilsons Leather and G.H. Bass stores. Net income for the second quarter of fiscal year 2022 is expected to be in the range of $0.03 and $0.13 per diluted share. This compares to a net loss of $(0.31) per share in last year’s second quarter, which included a net loss per share of $(0.53) associated with the Wilsons Leather and G.H. Bass store operations.

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