G-III Apparel Group said its sports licensing business is “doing quite well” despite losing part of its distribution arrangement with NFL Properties. On its Q3 conference call, management said its collegiate business is growing “very well” and baseball is “strong.” The TOUCH business with Alyssa Milano is “doing very well.”
Overall, G-III's net sales grew 10.8% to $271.2 million. Gross margins were flat at 29.6%. Net income for Q3 was $23.8 million or $1.41 per share, up slightly from $23.3 million or $1.59, a year ago. The prior year was boosted by the reversal of $950,000, or 7 cents per share, of tax reserves upon the completion of a federal income tax audit.
