G-III Apparel (GIII) - Get G-III Apparel Group, Ltd. Report shares jumped on Wednesday after the maker of fashion brands Calvin Klein and Tommy Hilfiger reported a stronger-than-expected quarterly profit and outlook.
For the fiscal 2022 third quarter ended Oct. 31, G-III posted net income of $106.7 million, or $2.16 a share, up from $63.2 million, or $1.29, in the year-earlier quarter. The FactSet analyst consensus called for $1.79 a share in the latest quarter.
Net sales jumped 23% to $1.02 billion from $826.6 million a year earlier, matching analysts’ estimate.
The stock recently traded at $31.56, up 6.4%. It has traded on Wednesday up as much as 11% at $32.76. And it has jumped 35% year to date amid surging consumer demand for fashion apparel.
“Given the strong demand we are seeing across our brands, we are well positioned for the holiday season,” said G-III Chief Executive Morris Goldfarb in a statement.
“We are raising our full year guidance and expect to deliver our highest annual earnings in our company’s history.”
For all of fiscal 2022, ending Jan. 31, G-III increased its earnings guidance to a range of $3.67 to $3.75 per share from $3.10 to $3.20. It raised its sales forecast to $2.77 billion from $2.7 billion.
The FactSet call for the year: earnings of $3.23 a share on revenue of $2.69 billion.
In other earnings news, Salesforce CRM forecast softer current-quarter profit amid intensifying competition in the business software market, unveiling changes to its top management team.
The forecast muddied an otherwise solid third quarter earnings report, which showed revenue rising 27% to $6.86 billion over the three months ending in October. Adjusted profit registered $1.27 per share.
Salesforce stock recently traded at $265.50, down 7%. It has slid 14% since Nov. 8.