UPDATE: G-III Apparel Posts Higher Q1 Earnings, Lifts Outlook

G-III Apparel Group GIII reported a 15% gain in its fiscal first-quarter earnings and raised its forecast for the fiscal year. For the current quarter, G-III Apparel expects earnings of $0.13 to $0.17 per share on revenue of $392 million. However, analysts projected earnings of $0.13 per share on revenue of $372 million. G-III Apparel now projects current fiscal year earnings of $4.05 to $4.20 per share on revenue of $2.06 billion, versus its earlier earnings outlook of $3.95 to $4.10 per share on sales of $2.05 billion. G-III Apparel's quarterly earnings surged to $1.29 million, or $0.06 per share, versus $1.12 million, or $0.05 per share, in the year-ago period. Its sales gained 34% to $366.2 million. G-III Apparel had expected a loss of $0.10 to $0.20 per share on sales of around $346 million. Analysts were projecting a loss of $0.15 per share on revenue of $346.13 million. Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, “Our wholesale revenues were strong, exceeding our plan across a number of important categories. We finished the quarter with good momentum, clean inventories and a solid mix of growth opportunities. There were strong performances by a number of our Calvin Klein divisions, Vilebrequin and several of our dress businesses, all of which enabled us to exceed our forecast for the first quarter.” G-III Apparel shares gained 3.55% to close at $75.92 yesterday.