G-III Apparel Group Ltd (NASDAQ:GIII) reported better-than-expected first-quarter results and issued strong guidance.

G-III Apparel reported a quarterly sales decline of 11.9% Y/Y to $606.6 million, beating the consensus of $594.78 million. Adjusted EPS of $0.13 surpassed the analyst consensus of an EPS loss of $(0.10).

GIII raised FY24 sales to about $3.29 billion (prior view $3.23 billion), vs. the consensus of $3.19 billion. It increased FY24 adjusted EPS to $2.80-$2.90 range (previous view: $2.55-$2.65) versus the consensus of $2.54.

G-III Apparel shares jumped 28% to close at $20.98 on Tuesday.

These analysts made changes to their price targets on G-III Apparel following earnings announcement.

• Keybanc raised the price target on G-III Apparel from $18 to $23. Keybanc analyst Noah Zatzkin maintained an Overweight rating.
• Barclays increased the price target on G-III Apparel from $15 to $20. Barclays analyst Paul Kearney maintained an Equal-Weight rating.
• Telsey Advisory Group raised G-III Apparel price target from $14 to $22. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• UBS increased G-III Apparel price target from $16 to $21. UBS analyst Jay Sole maintained the stock with a Neutral rating.

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