Net Sales Increase 22.7% to $125.5 million; Net Income
Increases 34.0% to $11.4 million
NEW YORK, Dec 4, 2003 — G-III Apparel Group, Ltd. (Nasdaq: GIII) today
announced results for the third quarter of fiscal 2004.
For the three-month period ended October 31, 2003, G-III reported net
sales of $125.5 million and net income of $11.4 million, or $1.50 per
diluted share, 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
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
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
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.
About G-III Apparel Group, Ltd.
G-III Apparel Group, Ltd. is a leading manufacturer and distributor of
leather and non-leather outerwear and apparel under our own labels,
licensed labels and private labels. Company-owned labels include, among
others, Black Rivet, Colebrook, Siena Studio and G-III. The Company has
fashion licenses with Kenneth Cole, Nine West, Timberland, Cole Haan,
Jones Apparel, Sean John, Bill Blass and James Dean and sports
licensing agreements with the National Football League, National Hockey
League, National Basketball Association, Major League Baseball and more
than 60 universities nationwide.
Statements concerning the Company's business outlook or future economic
performance, anticipated revenues, expenses or other financial items;
product introductions and plans and objectives related thereto; and
statements concerning assumptions made or expectations as to any future
events, conditions, performance or other matters are “forward-looking
statements” as that term is defined under the Federal Securities laws.
Forward-looking statements are subject to risks, uncertainties and
factors include, but are not limited to, reliance on foreign
manufacturers, the nature of the apparel industry, including changing
customer demand and tastes, reliance on licensed product, seasonality,
customer acceptance of new products, the impact of competitive products
and pricing, dependence on existing management, general economic
conditions, as well as other risks detailed in the Company's filings
with the Securities and Exchange Commission. The Company assumes no
obligation to update the information in this release.
G-III Apparel Group, Ltd.
Wayne S. Miller, 212-403-0500
James Palczynski, 203-222-9013