G-III Apparel raises full-year outlook after strong second quarter

NEW YORK - G-III Apparel Group, Ltd. (NASDAQ:GIII ) reported better-than-expected second quarter results and raised its full-year guidance, sending shares up 1% in early trading.

The apparel maker posted adjusted earnings per share of $0.52 for the quarter ended July 31, significantly beating analyst estimates of $0.27. Revenue came in at $644.8 million, slightly below the consensus estimate of $649.14 million but down only 2% YoY despite a challenging retail environment.

G-III's Chairman and CEO Morris Goldfarb cited strong performance from owned brands DKNY and Karl Lagerfeld, which collectively grew double-digits. He also noted the successful relaunch of the Donna Karan brand.

Looking ahead, the company raised its full-year earnings outlook, now expecting adjusted EPS of $3.95-$4.05, up from its previous guidance of $3.58-$3.68 and above analyst estimates of $3.66. G-III maintained its revenue forecast of $3.2 billion for fiscal 2025.

"Despite the uncertain macroeconomic environment, we remain optimistic about the remainder of the year and our orderbook is in a good position for the important Fall and Holiday seasons," Goldfarb stated.

The company also announced a new global apparel licensing agreement with Converse, set to launch in Fall 2025.

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Source: Investing.com