DKNY and Donna Karan owner G-III Apparel Group GIII reported a third-quarter FY24 sales decline of 1% year-on-year to $1.07 billion, missing the analyst consensus of $1.13 billion.
The gross profit rose 25.8% Y/Y to $433.41 million. Adjusted EPS of $2.78 beat the analyst consensus of $2.06.
The company held $197.39 million in cash and equivalents as of the end of the quarter.
"We are developing and are on track with four new growth initiatives to drive our business including the expansion of our owned Donna Karan brand, a long-term license for Nautica in North America, a master global licensing agreement for Halston, and a multi-year outerwear license for Champion," said Morris Goldfarb, G-III's Chairman and Chief Executive Officer.
The company appointed Dana Perlman as Chief Growth and Operations Officer, effective January 8, 2024.
Outlook: For fiscal 2024, the company expects net sales of approximately $3.15 billion versus the estimate of $3.30 billion (prior view: $3.30 billion).
The company expects FY24 adjusted EPS of $3.90-$4.00 versus the estimate of $3.24 (prior view: $3.20-$3.30).
The company is projecting full-year adjusted EBITDA for fiscal 2024 of $317 million-$322 million versus the prior view of $284 million-$289 million and $266.1 million in fiscal 2023.
Price Action: GIII shares are trading lower by 2.38% at $28.93 on the last check Tuesday.
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