- G-III Apparel Group Ltd GIII reported first-quarter FY23 sales growth of 32.5% year-on-year to $688.76 million, beating the consensus of $589.73 million.
- The gross profit rose 25.9% Y/Y to $246 million, with the margin contracting 190 basis points to 35.7%.
- The operating margin was 7.9%, and operating income for the quarter rose 16.5% to $54.5 million.
- Adjusted EPS of $0.72 beat the analyst consensus of $0.55.
- The company held $438.4 million in cash and equivalents as of April 30, 2022.
- Outlook: G-III sees FY23 sales of about $3.24 billion (prior view: $3.0 billion), above the consensus of $3.02 billion. It expects FY23 adjusted EPS of $4.40 - $4.50 versus the consensus of $4.08.
- The company expects Q2 adjusted EPS of $0.45 - $0.55, above the consensus of $0.38. It anticipated Q2 sales of $600 million, above the consensus of $537.81 million.
- Price Action: GIII shares are trading higher by 3.62% at $28.35 in premarket on the last check Tuesday.
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