G-III Apparel Group, Ltd. reported fourth-quarter sales increased by 28 percent to $375.3 million from
$294.3 million during the comparable period last year. Net income per
diluted share was 40 cents per share compared to 25 cents for the comparable period last
year. On an adjusted basis, excluding expenses associated with the company’s acquisition of Vilebrequin, non-GAAP net income per diluted
share for the fourth quarter was $0.41.
For the fiscal year ended January 31, 2013, G-III reported net sales increased by 14 percent to $1.40 billion from $1.23 billion last year. The company’s net income was $56.9 million, or $2.80 per diluted share, compared to net income of $49.6 million, or $2.46 per diluted share, in the prior year. On an adjusted basis, excluding expenses associated with the Company’s acquisition of Vilebrequin, Non-GAAP net income per diluted share for the year was $2.92. For the fiscal year ended January 31, 2013, adjusted EBITDA increased 23 percent to $114.0 million from $92.4 million in the prior fiscal year.
The Non-GAAP net income per share and adjusted EBITDA for the full fiscal year reflect an adjustment to exclude the expenses and integration costs associated with the Vilebrequin acquisition.
For the three-month period ended January 31, 2013,
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We are pleased to have finished our year with a good fourth quarter and, more importantly, to be well positioned for the current year. We continue to see strength in many areas of our business, including sportswear, dresses, suits, team sports and handbags, as well as our Wilsons Leather stores. We are presently executing on our long-term Vilebrequin strategic plan. We have made significant investments in this business and will continue to do so over the next several years. I am extremely confident in Vilebrequin’s prospects.”
Goldfarb concluded, “We continue to plan for sales and profit growth. Over the long term, we will drive value to our partners, customers and shareholders through our continued diversification and expansion.”
Also today, G-III Apparel Group issued guidance for the fiscal year ending January 31, 2014. For fiscal 2014, the Company is forecasting net sales of approximately $1.55 billion and net income between $64.3 million and $66.4 million, or between $3.10 and $3.20 per diluted share. The Company is projecting adjusted EBITDA for fiscal 2014 to increase approximately 11 percent to 14 percent to between approximately $126.5 million and $129.5 million.
The Company is forecasting net sales of approximately $270.0 million for its first fiscal quarter ending April 30, 2013 and a net loss between $600,000 and $1.5 million, or between $0.03 and $0.07 per share, compared to net sales of $229.4 million and a net loss of $847,000, or $0.04 per share, in last year’s first fiscal quarter.
G-III is a manufacturer and distributor of outerwear, dresses, sportswear, swimwear, beachwear and women’s suits, as well as handbags and luggage, under licensed brands, our own brands and private label brands. G-III sells swimwear, resort wear and related accessories under our own Vilebrequin brand. G-III also sells outerwear, dresses, performance wear and handbags under our own Andrew Marc and Marc New York brands and has licensed these brands to select third parties in certain product categories. G-III has fashion licenses under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Jessica Simpson, Vince Camuto, Ivanka Trump, Nine West, Ellen Tracy, Tommy Hilfiger, Kensie, Mac & Jac, Levi’s and Dockers brands. Through our team sports business, we have licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Touch by Alyssa Milano and more than 100 U.S. colleges and universities. Our other owned brands include G-III Sports by Carl Banks, Eliza J, Black Rivet, Jessica Howard and Winlit. G-III also operates retail stores under the Wilsons Leather, Vilebrequin, Calvin Klein Performance and Andrew Marc names.