G-III Apparel Sees Fiscal Q3 Earnings Rise 34.1% on 22.6% Sales Gain

G-III Apparel Group, Ltd. reported net sales of $125.5 million and net income of $11.4 million, or $1.50
per diluted share,for the third quarter ended October 31, 2003, compared to net sales of $102.3 million and net
income of $8.5 million, or $1.16 per diluted share, in the comparable period last year.

For the nine-month period ended October 31, 2003, G-III reported
net sales of $189.6 million and net income of $11.5 million, or $1.54
per diluted share, compared to net sales of $155.0 million and net
income of $4.9 million, or $0.67 per diluted share, in the comparable
period last year.

Morris Goldfarb, G-III's Chief Executive Officer, said, “We are
pleased with our solid performance in the third quarter. Our sales and
gross margin gains stemmed primarily from continued strong shipments
in our sports apparel business. Over this past year we continued to
make progress broadening our distribution channels and diversifying
our product mix.”

The company today reiterated its guidance for the fiscal year
ending January 31, 2004. For the fiscal year, the Company continues to
forecast net sales of approximately $220 million and diluted net
income per share between $1.10 and $1.15.

              G-III APPAREL GROUP, LTD. AND SUBSIDIARIES
                            CONSOLIDATED STATEMENTS OF OPERATIONS

          (in thousands, except share and per share amounts)
                              (Unaudited)

                              Three Months Ended   Nine Months Ended

                               10/31/03 10/31/02  10/31/03   10/31/02
                               --------  --------- --------- ---------
Net sales                      $125,547  $102,284   $189,558  $154,997
Cost of sales                    88,208    74,324    132,184   115,321
                               --------  --------- --------- ---------
Gross profit                     37,339    27,960     57,374    39,676
Selling, general and
 administrative expenses         16,785    13,181     36,388    30,148
                               --------  --------- --------- ---------
Operating profit                 20,554    14,779     20,986     9,528
Interest and financing charges,
 net                                583       853        861     1,374
                               --------  --------- --------- ---------
Income before income taxes       19,971    13,926     20,125     8,154
Income tax expense                8,591     5,431      8,654     3,252
                               --------  --------- --------- ---------
Net income                      $11,380    $8,495    $11,471    $4,902
                               ========  ========= ========= =========
Basic net income
 per common share                 $1.65     $1.25      $1.67     $0.73
                               ========  ========= ========= =========

Diluted net income per
 common share                     $1.50     $1.16      $1.54     $0.67