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G-III Apparel Group, Ltd. Announces Fourth Quarter And Full-Year Fiscal 2012 Results

Stocks in this article: GIII

G-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced operating results for the fourth quarter and full-year of fiscal 2012.

For the fiscal year ended January 31, 2012, G-III reported net sales increased by 15.8% to $1.23 billion from $1.06 billion last year. Net income per diluted share was $2.46 compared to $2.88 last year.

For the three-month period ended January 31, 2012, G-III reported that net sales increased by 9.0% to $294.3 million from $270.2 million during the comparable period last year. Net income per diluted share was $0.25 compared to $0.62 for the comparable period last year.

For the fiscal year ended January 31, 2012, EBITDA decreased 10% to $92.4 million from $102.7 million in the prior fiscal year. EBITDA should be evaluated in light of the Company’s financial results prepared in accordance with GAAP. A reconciliation of EBITDA to net income in accordance with GAAP is included in a table accompanying the condensed financial statements in this release.

Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “Although we achieved record sales in fiscal 2012, the record breaking warm weather was a major factor in our disappointing fourth quarter performance. Having managed through fiscal 2012 gives us comfort for a more successful fiscal 2013.”

Mr. Goldfarb continued, “Our opportunities across several brands and categories remain quite compelling. We are very encouraged by the ongoing growth of our dress business and our league sports business, driven by our expanded NFL license. Both dresses and sports are showing a strong increase in their respective order books. Calvin Klein handbags and luggage are both on track to show good growth and have a solid second year. In addition, our new Kensie sportswear is off to a very good start. We are also looking forward to the launch of Jessica Simpson outerwear for this upcoming Fall season. We believe that our core strengths and new business initiatives will result in top and bottom line growth in fiscal 2013. Today we are the premier branded outerwear and dress supplier to retailers across the country. It is our goal to also be the premier branded supplier of sportswear, handbags and luggage.”

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