G-III Apparel Group, Ltd. Announces Second Quarter Fiscal 2024 Results
- Beats Q2 guidance with increased net sales
- Raises FY2024 guidance
- Announces new license for Champion brand
- Decreased GAAP net income per diluted share
- Second Quarter Net Sales and GAAP and Non-GAAP Net Income Per Diluted Share Exceed Guidance
-
Net Sales of
$659.8 Million $605.2 Million -
Net Income Per Diluted Share of
$0.35 $0.74 -
Non-GAAP Net Income Per Diluted Share of
$0.40 $0.39 - Raises Guidance for Fiscal Year 2024
- Announces New Multi-Year Outerwear License for the Champion Brand
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “For the second quarter of fiscal 2024, we once again beat both our top and bottom line guidance and made progress on our strategic priorities. Our first half performance further validates G-III’s ability to successfully navigate what remains a dynamic environment. I am immensely proud of our team’s consistently strong execution.”
Mr. Goldfarb continued, “We are pleased to announce our newest license agreement with HanesBrands to produce an outerwear collection for the Champion brand. Champion is a well-recognized iconic American brand. Our collections will feature quality heritage pieces that complement and enhance Champion’s principles of self-expression. This license aligns with G-III's core competencies in outerwear and will fit seamlessly into our well-developed outerwear divisions.”
Mr. Goldfarb concluded, “G-III closed out a strong first half of our year, giving us confidence to once again raise our outlook. Our balance sheet provides us with financial flexibility to invest in our business and consider additional opportunities. Agility is at the heart of everything we do at G-III and I am confident that we will continue to evolve, regardless of external factors. We will continue to drive our business forward and expect to deliver strong results for our shareholders.”
Results of Operations
Net sales for the second quarter ended July 31, 2023 increased
Non-GAAP net income per diluted share was
Outlook
The Company today raised its guidance for the fiscal year ending January 31, 2024.
For fiscal 2024, the Company expects net sales of approximately
The Company is anticipating non-GAAP net income for fiscal 2024 between
The Company is projecting full-year adjusted EBITDA for fiscal 2024 between
For the third quarter of fiscal year 2024, the Company expects net sales of approximately
The Company is anticipating non-GAAP net income for third quarter of fiscal 2024 between
Non-GAAP Financial Measures
Reconciliations of GAAP net income (loss) to non-GAAP net income, GAAP net income (loss) per diluted share to non-GAAP net income per diluted share and GAAP net income (loss) to adjusted EBITDA are presented in tables accompanying the financial statements included in this release and provide useful information to evaluate the Company’s operational performance. A description of the amounts excluded on a non-GAAP basis are provided in conjunction with these tables. Non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA should be evaluated in light of the Company’s financial statements prepared in accordance with GAAP.
About G-III Apparel Group, Ltd.
G-III designs, sources and markets apparel and accessories under owned, licensed and private label brands. G-III’s substantial portfolio of more than 30 licensed and proprietary brands is anchored by its global power brands: DKNY, Donna Karan, Karl Lagerfeld, Calvin Klein and Tommy Hilfiger. G-III’s owned brands include DKNY, Donna Karan, Karl Lagerfeld, Vilebrequin, G.H. Bass, Eliza J, Jessica Howard, Andrew Marc, Marc New York, Wilsons Leather and Sonia Rykiel. G-III has fashion licenses under the Calvin Klein, Tommy Hilfiger, Nautica, Halston, Kenneth Cole, Cole Haan, Guess?, Vince Camuto, Levi's, Dockers and Champion brands. Through its team sports business, G-III has licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League and over 150 U.S. colleges and universities. G-III also distributes directly to consumers through its DKNY, Karl Lagerfeld, Karl Lagerfeld Paris and Vilebrequin stores and its digital channels for the DKNY, Donna Karan, Vilebrequin, Karl Lagerfeld, Karl Lagerfeld Paris, Andrew Marc, Wilsons Leather and G.H. Bass brands.
Statements concerning G-III'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 which include, but are not limited to, risks related to the impact from COVID-19, reliance on licensed product, risks relating to G-III’s ability to increase revenues from sales of its other products, new acquired businesses or new license agreements as licenses for Calvin Klein and Tommy Hilfiger product expire on a staggered basis, reliance on foreign manufacturers, risks of doing business abroad, supply chain disruptions, the current economic and credit environment risks related to our indebtedness, the nature of the apparel industry, including changing customer demand and tastes, customer concentration, seasonality, risks of operating a retail business, risks related to G-III’s ability to reduce the losses incurred in its retail operations, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions, the impact on G-III’s business of the imposition of tariffs by
G-III APPAREL GROUP, LTD. AND SUBSIDIARIES (Nasdaq: GIII) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) |
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Three Months Ended July 31, |
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Six Months Ended July 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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(Unaudited) |
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Net sales |
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$ |
659,761 |
|
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$ |
605,244 |
|
|
$ |
1,266,350 |
|
|
$ |
1,294,001 |
|
Cost of goods sold |
|
|
383,108 |
|
|
|
376,318 |
|
|
|
739,897 |
|
|
|
819,036 |
|
Gross profit |
|
|
276,653 |
|
|
|
228,926 |
|
|
|
526,453 |
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474,965 |
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Selling, general and administrative expenses |
|
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239,207 |
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191,012 |
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|
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467,168 |
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|
376,420 |
|
Depreciation and amortization |
|
|
5,959 |
|
|
|
6,656 |
|
|
|
12,535 |
|
|
|
12,751 |
|
Operating profit |
|
|
31,487 |
|
|
|
31,258 |
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|
46,750 |
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|
85,794 |
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Other income |
|
|
192 |
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|
30,325 |
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|
|
1,165 |
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|
27,618 |
|
Interest and financing charges, net |
|
|
(9,492 |
) |
|
|
(12,550 |
) |
|
|
(21,642 |
) |
|
|
(24,753 |
) |
Income before income taxes |
|
|
22,187 |
|
|
|
49,033 |
|
|
|
26,273 |
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|
|
88,659 |
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Income tax expense |
|
|
5,951 |
|
|
|
12,968 |
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|
|
6,896 |
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|
|
21,968 |
|
Net income |
|
|
16,236 |
|
|
|
36,065 |
|
|
|
19,377 |
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|
|
66,691 |
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Less: Loss attributable to noncontrolling interests |
|
|
(202 |
) |
|
|
(254 |
) |
|
|
(297 |
) |
|
|
(262 |
) |
Net income attributable to G-III Apparel Group, Ltd. |
|
$ |
16,438 |
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$ |
36,319 |
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$ |
19,674 |
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$ |
66,953 |
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Net income attributable to G-III Apparel Group, Ltd. per common share: |
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Basic |
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$ |
0.36 |
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$ |
0.76 |
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$ |
0.43 |
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$ |
1.39 |
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Diluted |
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$ |
0.35 |
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$ |
0.74 |
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$ |
0.42 |
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$ |
1.36 |
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Weighted average shares outstanding: |
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Basic |
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45,714 |
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|
|
47,999 |
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|
|
45,996 |
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|
48,007 |
|
Diluted |
|
|
46,570 |
|
|
|
49,019 |
|
|
|
46,992 |
|
|
|
49,061 |
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Selected Balance Sheet Data (in thousands): |
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As of July 31, |
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2023 |
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2022 |
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(Unaudited) |
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Cash and cash equivalents |
|
$ |
197,735 |
|
$ |
150,977 |
Working capital |
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|
978,673 |
|
|
996,024 |
Inventories |
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|
804,858 |
|
|
1,040,814 |
Total assets |
|
|
2,662,053 |
|
|
3,082,354 |
Total debt |
|
|
466,036 |
|
|
575,777 |
Operating lease liabilities |
|
|
247,544 |
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228,981 |
Total stockholders' equity |
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|
1,382,115 |
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|
1,584,001 |
G-III APPAREL GROUP, LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME (In thousands) |
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Three Months Ended |
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Six Months Ended |
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July 31, 2023 |
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July 31, 2022 |
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July 31, 2023 |
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July 31, 2022 |
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(Unaudited) |
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GAAP net income attributable to G-III Apparel Group, Ltd. |
|
$ |
16,438 |
|
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$ |
36,319 |
|
|
$ |
19,674 |
|
|
$ |
66,953 |
|
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Excluded from non-GAAP: |
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|
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Karl Lagerfeld investment gain |
|
|
— |
|
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|
(30,925 |
) |
|
|
— |
|
|
|
(30,925 |
) |
Expenses related to Karl Lagerfeld acquisition |
|
|
1,848 |
|
|
|
5,693 |
|
|
|
3,669 |
|
|
|
9,872 |
|
Non-cash imputed interest |
|
|
1,086 |
|
|
|
1,740 |
|
|
|
2,903 |
|
|
|
3,411 |
|
Gain on lease terminations |
|
|
— |
|
|
|
(29 |
) |
|
|
— |
|
|
|
(38 |
) |
Income tax impact of non-GAAP adjustments |
|
|
(786 |
) |
|
|
6,220 |
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(1,724 |
) |
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|
4,380 |
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Non-GAAP net income attributable to G-III Apparel Group, Ltd., as defined |
|
$ |
18,586 |
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$ |
19,018 |
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$ |
24,522 |
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$ |
53,653 |
|
Non-GAAP net income is a “non-GAAP financial measure” that excludes (i) in fiscal 2023 only, the gain in the fair value of the Company’s minority ownership in Karl Lagerfeld that it held prior to the Company becoming the sole owner of the Karl Lagerfeld entities, (ii) in both fiscal 2023 and 2024, expenses related to the Karl Lagerfeld transaction that include incentive compensation and, in fiscal 2023 only, professional fees, amortization of inventory valuation adjustments and foreign currency losses, (iii) in both fiscal 2023 and 2024, non-cash imputed interest expense, and (iv) in fiscal 2023 only, gain on lease terminations. For fiscal 2024 and 2023, the income tax impact of non-GAAP adjustments is calculated using an effective tax rate derived from our results of operations excluding the non-GAAP adjustments. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding items that are not indicative of our core business operating results. Management uses these non-GAAP financial measures to assess our performance on a comparative basis and believes that they are also useful to investors to enable them to assess our performance on a comparative basis across historical periods and facilitate comparisons of our operating results to those of our competitors. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
G-III APPAREL GROUP, LTD. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME PER SHARE TO NON-GAAP NET INCOME PER SHARE |
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Three Months Ended |
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Six Months Ended |
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July 31, 2023 |
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July 31, 2022 |
|
July 31, 2023 |
|
July 31, 2022 |
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(Unaudited) |
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GAAP diluted net income attributable to G-III Apparel Group, Ltd. per common share |
|
$ |
0.35 |
|
|
$ |
0.74 |
|
|
$ |
0.42 |
|
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$ |
1.36 |
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Excluded from non-GAAP: |
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|
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Karl Lagerfeld investment gain |
|
|
— |
|
|
|
(0.63 |
) |
|
|
— |
|
|
|
(0.63 |
) |
Expenses related to Karl Lagerfeld acquisition |
|
|
0.04 |
|
|
|
0.12 |
|
|
|
0.08 |
|
|
|
0.20 |
|
Non-cash imputed interest |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.07 |
|
Gain on lease terminations |
|
|
— |
|
|
|
(0.00 |
) |
|
|
— |
|
|
|
(0.00 |
) |
Income tax impact of non-GAAP adjustments |
|
|
(0.02 |
) |
|
|
0.13 |
|
|
|
(0.04 |
) |
|
|
0.09 |
|
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Non-GAAP diluted net income attributable to G-III Apparel Group, Ltd. per common share, as defined |
|
$ |
0.40 |
|
|
$ |
0.39 |
|
|
$ |
0.52 |
|
|
$ |
1.09 |
|
Non-GAAP diluted net income per common share is a “non-GAAP financial measure” that excludes (i) in fiscal 2023 only, the gain in the fair value of the Company’s minority ownership in Karl Lagerfeld that it held prior to the Company becoming the sole owner of the Karl Lagerfeld entities, (ii) in both fiscal 2023 and 2024, expenses related to the Karl Lagerfeld transaction that include incentive compensation and, in fiscal 2023 only, professional fees, amortization of inventory valuation adjustments and foreign currency losses, (iii) in both fiscal 2023 and 2024, non-cash imputed interest expense, and (iv) in fiscal 2023 only, gain on lease terminations. For fiscal 2024 and 2023, the income tax impact of non-GAAP adjustments is calculated using an effective tax rate derived from our results of operations excluding the non-GAAP adjustments. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding items that are not indicative of our core business operating results. Management uses these non-GAAP financial measures to assess our performance on a comparative basis and believes that they are also useful to investors to enable them to assess our performance on a comparative basis across historical periods and facilitate comparisons of our operating results to those of our competitors. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
G-III APPAREL GROUP, LTD. AND SUBSIDIARIES RECONCILIATION OF FORECASTED AND ACTUAL NET INCOME (LOSS) TO FORECASTED AND ACTUAL ADJUSTED EBITDA (In thousands) |
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Forecasted Twelve |
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Actual Twelve |
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Three Months Ended |
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Months Ended |
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Months Ended |
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|
|
July 31, 2023 |
|
July 31, 2022 |
|
January 31, 2024 |
|
January 31, 2023 |
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(Unaudited) |
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|
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Net income (loss) attributable to G-III Apparel Group, Ltd. |
|
$ |
16,438 |
|
$ |
36,319 |
|
|
$ |
145,000 - 150,000 |
|
$ |
(133,061 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Karl Lagerfeld investment gain |
|
|
— |
|
|
(30,925 |
) |
|
|
— |
|
|
(27,071 |
) |
Expenses related to Karl Lagerfeld acquisition |
|
|
1,848 |
|
|
5,693 |
|
|
|
6,098 |
|
|
13,895 |
|
Asset impairments and gain on lease terminations |
|
|
— |
|
|
(29 |
) |
|
|
— |
|
|
349,686 |
|
Bonus accrual expense reversed due to goodwill impairment charge |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(17,900 |
) |
Depreciation and amortization |
|
|
5,959 |
|
|
6,656 |
|
|
|
29,141 |
|
|
27,762 |
|
Interest and financing charges, net |
|
|
9,492 |
|
|
12,550 |
|
|
|
47,899 |
|
|
56,602 |
|
Income tax expense |
|
|
5,951 |
|
|
12,968 |
|
|
|
55,862 |
|
|
(3,788 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Adjusted EBITDA, as defined |
|
$ |
39,688 |
|
$ |
43,232 |
|
|
$ |
284,000 - 289,000 |
|
$ |
266,125 |
|
Adjusted EBITDA is a “non-GAAP financial measure” which represents earnings before depreciation and amortization, interest and financing charges, net and income tax expense and excludes (i) in fiscal 2023 only, the gain in the fair value of the Company’s minority ownership in Karl Lagerfeld that it held prior to the Company becoming the sole owner of the Karl Lagerfeld entities, (ii) in both fiscal 2023 and 2024, expenses related to the Karl Lagerfeld acquisition that included incentive compensation and, in fiscal 2023 only, professional fees, amortization of inventory valuation adjustments and foreign currency losses, (iii) in fiscal 2023 only, asset impairments, including the goodwill write-down of
G-III APPAREL GROUP, LTD. AND SUBSIDIARIES
RECONCILIATION OF FORECASTED AND ACTUAL GAAP NET INCOME (LOSS) TO
(In thousands) |
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Forecasted Three |
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Actual Three |
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Forecasted Twelve |
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Actual Twelve |
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Months Ending |
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Months Ended |
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Months Ended |
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Months Ended |
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|
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October 31, 2023 |
|
October 31, 2022 |
|
January 31, 2024 |
|
January 31, 2023 |
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|
(Unaudited) |
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Net income (loss) attributable to G-III Apparel Group, Ltd. |
|
$ |
94,000 - 99,000 |
|
$ |
61,103 |
|
|
$ |
145,000 - 50,000 |
|
$ |
(133,061 |
) |
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|
||||
Excluded from non-GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Karl Lagerfeld investment gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27,071 |
) |
Expenses related to Karl Lagerfeld acquisition |
|
|
1,820 |
|
|
|
3,769 |
|
|
|
6,098 |
|
|
|
13,895 |
|
Non-cash imputed interest |
|
|
682 |
|
|
|
1,750 |
|
|
|
3,798 |
|
|
|
6,947 |
|
Asset impairments and gain on lease terminations |
|
|
— |
|
|
|
250 |
|
|
|
— |
|
|
|
349,686 |
|
Bonus accrual expense reversed due to goodwill impairment charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,900 |
) |
Income tax impact of non-GAAP adjustments |
|
|
(502 |
) |
|
|
(1,289 |
) |
|
|
(2,896 |
) |
|
|
(53,737 |
) |
Non-GAAP net income attributable to G-III Apparel Group, Ltd., as defined |
|
$ |
96,000 - 101,000 |
|
$ |
65,583 |
|
|
$ |
152,000 - 157,000 |
|
$ |
138,759 |
|
||
Non-GAAP net income is a “non-GAAP financial measure” that excludes (i) for fiscal 2023 only, the gain in the fair value of the Company’s minority ownership in Karl Lagerfeld that it held prior to the Company becoming the sole owner of the Karl Lagerfeld entities, (ii) for both fiscal 2023 and 2024, expenses related to the Karl Lagerfeld transaction that include incentive compensation and, in fiscal 2023 only, professional fees, amortization of inventory valuation adjustments and foreign currency losses, (iii) in both fiscal 2023 and 2024, non-cash imputed interest expense, (iv) in fiscal 2023 only, asset impairments, including the goodwill write-down of
G-III APPAREL GROUP, LTD. AND SUBSIDIARIES
RECONCILIATION OF FORECASTED AND ACTUAL GAAP NET INCOME (LOSS) PER
|
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Forecasted Three |
|
Actual Three |
|
Forecasted Twelve |
|
Actual Twelve |
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|
|
Months Ending |
|
Months Ended |
|
Months Ended |
|
Months Ended |
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|
|
October 31, 2023 |
|
October 31, 2022 |
|
January 31, 2024 |
|
January 31, 2023 |
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|
(Unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
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GAAP diluted net income (loss) attributable to G-III Apparel Group, Ltd. per common share |
|
$ |
1.99 - 2.09 |
|
$ |
1.26 |
|
|
$ |
3.05 - 3.15 |
|
$ |
(2.79 |
) |
||
Adjustment from GAAP diluted shares to Non-GAAP diluted shares(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Excluded from non-GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Karl Lagerfeld investment gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.56 |
) |
Expenses related to Karl Lagerfeld acquisition |
|
|
0.04 |
|
|
|
0.07 |
|
|
|
0.13 |
|
|
|
0.29 |
|
Non-cash imputed interest |
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.08 |
|
|
|
0.14 |
|
Asset impairments and gain on lease terminations |
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
7.18 |
|
Bonus accrual expense reversed due to goodwill impairment charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.37 |
) |
Income tax impact of non-GAAP adjustments |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.06 |
) |
|
|
(1.10 |
) |
Non-GAAP diluted net income attributable to G-III Apparel Group, Ltd. per common share, as defined |
|
$ |
2.03 - 2.13 |
|
$ |
1.35 |
|
|
$ |
3.20 - 3.30 |
|
$ |
2.85 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-GAAP diluted shares(1) |
|
|
47,500 |
|
|
|
48,475 |
|
|
|
47,500 |
|
|
|
48,694 |
|
| (1) | Represents adjustment for shares used to calculate diluted earnings per share. Due to our recording a GAAP net loss for fiscal year 2023, diluted shares were the same as basic shares for GAAP. When applying non-GAAP exclusions our results moved from a net loss to net income position. |
Non-GAAP diluted net income per common share is a “non-GAAP financial measure” that excludes (i) for fiscal 2023 only, the gain in the fair value of the Company’s minority ownership in Karl Lagerfeld that it held prior to the Company becoming the sole owner of the Karl Lagerfeld entities, (ii) for both fiscal 2023 and 2024, expenses related to the Karl Lagerfeld transaction that include incentive compensation and, in fiscal 2023 only, professional fees, amortization of inventory valuation adjustments and foreign currency losses, (iii) for both fiscal 2023 and 2024, non-cash imputed interest expense, (iv) for fiscal 2023 only, asset impairments, including the goodwill write-down of
View source version on businesswire.com: https://www.businesswire.com/news/home/20230907980416/en/
G-III Apparel Group, Ltd.
Company Contact:
Priya Trivedi
SVP of Investor Relations and Treasurer
(646) 473-5228
Investor Relations Contact:
Tom Filandro
ICR, Inc.
(646) 277-1235
Company Media Contact:
Andrew Blecher
andrew.blecher@g-iii.com
Source: G-III Apparel Group, Ltd.
