G-III Apparel Group, Ltd. (NASDAQ:GIII) today announced operating results for the third quarter of fiscal 2014 that ended October 31, 2013.
For the third quarter ended October 31, 2013, G-III reported that net sales increased by 23% to a record $668.7 million compared to $543.5 million in the year-ago period.
The Company’s net income for the third quarter increased by 23% to $59.6 million, or $2.85 per diluted share, compared to net income of $48.3 million, or $2.37 per diluted share, in the prior year’s comparable period. On an adjusted basis, excluding expenses in the quarter ended October 31, 2013 associated with the Company’s acquisition of G.H. Bass & Co. and other potential transactions and in the quarter ended October 31, 2012 associated with the acquisition of Vilebrequin, Non-GAAP net income per diluted share for the third quarter increased 19% to $2.88 compared to $2.43 in the prior year’s third quarter. A reconciliation of GAAP net income per share to Non-GAAP net income per share is presented in a table accompanying the condensed financial statements included in this release.
Morris Goldfarb, G-III’s Chairman, Chief Executive Officer and President, said, “We are pleased to report excellent results in our key third quarter season driven by across-the-board strength in our business. In our wholesale business, great product design, compelling price and value, and a portfolio of strong brands drove our business to record levels of both net sales and net income per share.”Mr. Goldfarb continued, “In our specialty retail business, we continued a powerful comp sales trend in our Wilsons’ business and proceeded with our full-priced store test in time for the holiday season. In addition, we acquired G.H. Bass & Co., which is an iconic brand with great potential and a business that should integrate well into our existing retail platform.”