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G-III Apparel Group, a global fashion leader, reported net income for Q1 of $30.6 million, or $0.62 per share compared to $26.3 million, or $0.53 per share, in the prior year’s quarter.
Source: G-III Apparel Group, Ltd.
GII down -1.41%, VFC down -1.56%
The company’s net sales for the first quarter jumped 32.5% to $688.8 million from $519.9 million in the prior year’s quarter.
Morris Goldfarb, Chairman and CEO of G-III stated that the strong momentum continued in Q1 of fiscal 2023, surpassing both top and bottom-line guidance, irrespective of the challenging environment.
In Q2, the company expects net sales of nearly $600 million compared to $483.1 million in the same period last year.
For the full year 2023, the company anticipates net sales of nearly $3.24 billion and net income between $205.0 million and $215.0 million, or between $4.23 and $4.33 per diluted share.
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