G-III Apparel Group, Ltd. (Nasdaq: GIII) today announced operating results for the second quarter of fiscal 2004.
For the three-month period ended July 31, 2003, G-III reported net sales of $45.3 million and net income of $2.7 million, or $0.37 per diluted share, compared to net sales of $40.0 million and net income of $576,000, or $0.08 per diluted share, during the comparable period last year.
For the six-month period ended July 31, 2003, G-III reported net sales of $64.0 million and net income of $91,000, or $0.01 per diluted share, compared to net sales of $52.7 million and a net loss of $3.6 million, or $0.54 per diluted share, during the comparable period last year.
Morris Goldfarb, G-III's Chief Executive Officer, said, ''We are very pleased to report a strong second quarter, with strong operating margins. Our profit growth was driven by continued strength in our sports apparel business, which saw both significant new accounts as well as increased penetration. The sportswear component of our sports apparel business attained higher gross margins compared to our other businesses.''
Mr. Goldfarb continued, ''We believe, based on feedback from customers with regard to our product assortment and a good order book, we are well positioned for the fall season.''
Also today, G-III Apparel Group issued guidance for the fiscal year ending January 31, 2004. For the fiscal year, the Company is forecasting net sales of approximately $220 million and diluted net income per share between $1.10 and