G-III Apparel Tops Q1 Estimates, Shares Jump

Shares of G-III Apparel Group, Ltd. GIII surged more than 5 percent in after-hours trading after the company reported stronger-than-expected results for the first quarter and raised its forecast for the year. The New York-based company reported quarterly net income of $6.8 million, or $0.15 per share, versus $1.3 million, or $0.03 per share, in the year-ago quarter. Its revenue climbed 18% year-over-year to $433 million from $366.2 million. However, analysts were expecting earnings of $0.07 per share on revenue of $405.82 million. The average estimate among 8 Estimize users was for earnings of $0.09 per share and revenue of $407.21 million. Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "We are pleased to continue to report improved results while also delivering value to our shareholders. We are continuing to demonstrate our ability to simultaneously drive organic sales growth, further diversify our business, and enhance our profitability." For the full year, G-III Apparel projects earnings of $2.66 to $2.76 per share, on revenue of $2.4 billion. The company had earlier expected earnings of $2.53 and $2.63 per share, on revenue of $2.37 billion. The company expects Q2 earnings of $0.15 to $0.20 per share, on revenue of $470 million. G-III Apparel shares gained 5.34 percent to $63.30 in the after-hours trading session.