G-III Apparel

(GIII) - Get Report

posted a weaker third-quarter profit Tuesday and slashed year-end earnings guidance.

For the quarter ended Oct. 31, the New York-based licensed outerwear manufacturer posted a profit of $10 million, or $1.33 a share. That's down from the year-ago $11.4 million, or $1.50 a share. Sales slipped to $115 million from $126 million a year earlier.

"Although the market is a bit softer than we had anticipated, we are pleased with the direction of our business in general," said CEO Morris Goldfarb. "While we expect to end up below our plan for the year, our financial position is strong, and we are looking forward to capitalizing on growth opportunities in the upcoming year with both existing and new businesses."

G-III trimmed its earnings guidance for the year ending Jan. 31 to 18 to 23 cents a diluted share from the previous 38 to 43 cents. The company said it expects to post sales of $215 million for the year, which is unchanged. Through the first three quarters, G-III earned 46 cents a share on sales of $175 million.

On Tuesday, G-III fell 27 cents to $5.90.