G-III Apparel Group Surprises With $3 Million Profit (GIII)

G-III Apparel Group, Ltd.

announced on Wednesday before the market opened that it easily beat consensus Wall Street estimates. G-III Apparel Group reported fiscal 2011 2nd quarter net income of $3.0 million, or 15 cents per share, compared to a net loss of $2.8 million, or 17 cents per share, a year earlier. The company's revenue rose 39% to $189.0 million, up from $135.9 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 2 cents per share, on revenue of $161.86 million. G-III Apparel Group, Ltd. (

) closed Tuesday trading at $24.14 per share. Analysts covering the company's stock give it a consensus price target of $34.00 per share. Chairman and chief executive officer Morris Goldfarb said, “The impact of our increasing diversification, both by product categories and brand, was demonstrable in the second quarter. We now have built a dress and sportswear business that is shipping twelve months a year. We are looking ahead to a strong second half of the year as a result of the combination of our dress and sportswear business with our fall and winter outerwear business.” The company raised its forecast of full year earnings to a range of $2.60 to $2.70 per share, on revenue of $1.025 billion. Read more