G-III Apparel Group, Ltd. saw the acquisitions made during 2005 help bolster results for Q4 and the year. In addition, the company has expanded its relationship with Wal-Mart with a new young men's branded sportswear line, Exsto, which is aimed at price-conscious, male consumers between 18 and 35 who seek strong fashion that reflects a hip, urban sensibility. The line is expected to be available in 300 select Wal-Mart stores for the upcoming Fall season. Jeffrey Tweedy, who was EVP of Sean John Apparel, will oversee the project.
For the fourth quarter, net sales increased 80.0% to $69.1 million from $38.4 million during the same quarter last year. The company reported a net loss of $2.8 million, or 23 cents per share, for the three-month period, compared to a net loss of $2.7 million, or 25 cents per share, during the same period last year. For the full year, net sales increased by 51.2% to $324.1 million from $214.3 million last year. The company reported net income of $7.1 million, or 58 cents per diluted share, for the fiscal year, up from net income of $703,000, or six cents per diluted share, last year.
For the next fiscal year, the company expects net sales of approximately $400 million and diluted net income per share between 58 cents and 62 cents. For the first quarter, the company expects approximately $15 million in net sales and a net loss per share between 70 cents and 74 cents.
