G-III Apparel Group, Ltd. saw net sales  increase by 53.8% to $115.9 million for the fiscal first quarter ended April 30 from $75.4 million in the year-ago period.  The company said the increase was driven by the addition of the Wilsons retail outlet stores and stronger-than-anticipated performance from the sportswear and dress businesses. The company’s net loss for the quarter was $6.9 million, or 41 cents per share, compared to a net loss of $6.9 million, or 42 cents per share, in the prior year comparable period.


The company said in a conference call with analysts that the improved operating profitability was offset slightly by the seasonal losses associated with the company’s Wilsons retail outlet business, which are not included in the year-ago results.


The company is forecasting net sales of approximately $135 million for its fiscal second quarter, compared to $113.5 million last year. The company is also forecasting a net loss of $4.8 million to $5.4 million, or between 28 cents and 32 cents per share, compared to a net loss of $3.9 million, or 23 cents per share, in last year’s second quarter.


At the end of the quarter, G-III had $89 million in inventory compared to $58 million last year. Of the increase, Chairman and CEO Morris Goldfarb said $21 million is associated with Wilsons, which G-III did not own in Q1 of last year, and $10 million is associated primarily to the growth in sportswear and dress businesses. 


Goldfarb stated that the company is no longer in liquidation mode with the Wilsons business as it had been in the first quarter.