NEW YORK (TheStreet) -- Shares of G-III Apparel Group, Ltd. (GIII) are rising 4.36% to $87.85, hitting an all time high on heavy trading volume after the retailer reported a 39% increase in its fiscal second quarter revenue to $424 million, up from $304.2 million a year ago and beating analyst estimates of $390.9 million.
The company's net income for the second quarter was $6.2 million, or 29 cents per diluted share, compared to $3.6 million, or 17 cents per diluted share in the same quarter of 2013, and higher than the 16 cents per diluted share analysts expected.
G-III Apparel Group updated its full year earnings guidance to a range of $90.6 million to $93.9 million, or $4.00 to $4.15 per diluted share, compared to its previous range of $87.9 million to $91.2 million, or $4.05 and $4.20 per diluted share.
Must Read: 50 Stocks Hedge Funds LoveSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. Full year net sales forecast was increased to $2.11 billion from $2.06 billion. Separately, TheStreet Ratings team rates G-III APPAREL GROUP LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: "We rate G-III APPAREL GROUP LTD (GIII) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."
- You can view the full analysis from the report here: GIII Ratings Report
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