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G-III Apparel Group (NASDAQ:GIII) reported second-quarter earnings of 23 cents per share, which beat the analyst consensus estimate of 22 cents. This is a 4.55% increase over earnings of 22 cents per share from the same period last year.
The company reported quarterly sales of $643.9 million, which missed the analyst consensus estimate of $656.57 million. This is a 3.07% increase over sales of $624.698 million the same period last year.
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G-III cut its fiscal year 2020 guidance EPS from $3.25-$3.35 to $3.15-$3.25 versus the $3.17 estimate, but raised sales guidance from $3.28 billion to $3.3 billion versus the $3.25 billion estimate.
See Also: Bank of America: G-III Has A Tariff Problem
"We are pleased to report second-quarter results that met our expectations and were fueled by continued outperformance in our wholesale business enabling us to navigate the ever-changing retail landscape,” said CEO Morris Goldfarb. “Our well-developed supply chain has enabled us to significantly expand our sourcing base throughout the world; we still see substantial opportunities for continued diversification. These capabilities, along with long-standing strong vendor relationships, have helped us mitigate some of the tariff headwinds.
"However, based on the additional tariffs that were just implemented, we feel it is prudent to revise our guidance to a more conservative posture for the remainder of this fiscal year."
G-III Apparel Group shares were trading up 3.5% at $19.50 in Thursday’s pre-market session. The stock has a 52-week high of $50.83 and a 52-week low of $18.18.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.