G-III Apparel Posts Upbeat Q2 Results, Lifts Earnings Forecast

G-III Apparel Group, Ltd. GIII reported better-than-expected results for its fiscal second quarter and raised its full-year earnings forecast. The New York-based company posted quarterly net income of $12.5 million, or $0.27 per share, compared to $6.2 million, or $0.14 per share, in the year-ago quarter. Its revenue rose 12 percent year-over-year to $473.9. However, analysts were expecting earnings of $0.20 per share on revenue of $470.1 million. The average estimate among 5 Estimize users was for earnings of $0.22 per share and revenue of $473.59 million. Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "We are pleased to report another strong quarter of growth and increased profitability. Growth in the quarter was driven by increases in our wholesale segment and an increase in comparable store sales from our G.H. Bass stores." For the current quarter, G-III Apparel projects earnings of $1.78 to $1.83 per share, on revenue of $920 million. Analysts expected earnings of $1.82 per share on revenue of $910.14 million. For the full year, G-III Apparel expects earnings of $2.78 to $2.88 per share, on revenue of $2.4 billion. The company had earlier projected earnings of $2.66 and $2.76 per share. G-III Apparel shares fell 3.49 percent to close at $66.91 yesterday.