G-III Apparel Q4 Earnings Top Estimates

reported stronger-than-expected earnings for the fiscal fourth quarter. The New York-based company posted a quarterly profit of $22.2 million, or $0.96 per share, versus a year-ago profit of $13.1 million, or $0.62 per share. Excluding non-recurring items, the company's earnings surged 58% to $0.98 per share from $0.62 per share. Its revenue rose 9% to $514.3 million from $472.8 million. However, analysts were expecting earnings of $0.83 per share on revenue of $528.3 million. Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "Fiscal 2015 was another strong year of sales and profit growth for G-III. We drove strong performances across our portfolio of businesses, solidified our market position, and successfully executed across a range of strategic initiatives, including the integration and repositioning of the G.H. Bass business we acquired in the fourth quarter of last year. We are pleased to have achieved another record year for both net sales and net income per share." For fiscal 2016, G-III Apparel projects earnings of $5.05 to $5.25 per share, on revenue of around $2.37 billion. Analysts had expected earnings of $5.16 per share on revenue of $2.34 billion. For the first fiscal quarter, G-III Apparel expects earnings of $0.05 to $0.15 per share on net sales of around $406 million. Analysts had expected earnings of $0.14 per share on revenue of $404.8 million. G-III Apparel shares rose 0.84% to close at $112.83 yesterday.