G-Iii Apparel Group Ltd - GIII STOCK NEWS

G-III Apparel Group reported net sales of $605.2 million for Q2 fiscal 2023, a 25% increase from $483.1 million last year. Net income rose to $36.3 million ($0.74 per diluted share), up from $19.2 million ($0.39). However, non-GAAP net income per diluted share decreased to $0.39 from $0.41. The company updated guidance for fiscal 2023, projecting net sales of $3.15 billion and net income between $182 million and $187 million. G-III anticipates challenges from inflation and supply chain issues but remains optimistic about market share growth.

G-III Apparel Group, Ltd. (NASDAQ: GIII) will release its second quarter fiscal 2023 earnings on September 7, 2022, before market opening. A conference call will follow at 8:30 a.m. ET for discussion and Q&A with investors. The call can be accessed via telephone or live audio webcast. G-III, known for its apparel and accessories under various brands, is scheduled to share insights into its financial performance during this call.

G-III Apparel Group (GIII) reported strong Q1 results for FY 2023, with net sales rising 32.5% to $688.8 million compared to $519.9 million last year. Net income per diluted share increased to $0.62 from $0.53. Non-GAAP net income per diluted share also rose to $0.72 from $0.56. The company raised its FY 2023 guidance, projecting net sales of approximately $3.24 billion and net income between $205 million and $215 million. This growth is attributed to strong consumer demand and the recent acquisition of Karl Lagerfeld.

G-III Apparel Group, Ltd. (GIII) has completed its acquisition of the remaining 81% stake in the Karl Lagerfeld brand for €200 million (approximately $214 million USD). This purchase was made from various investors, including Fred Gehring of Amlon Capital BV, and was financed using G-III's cash reserves. With this acquisition, G-III now owns 100% of the Karl Lagerfeld brand, enhancing its portfolio of more than 30 brands, which includes global names like DKNY and Calvin Klein.

G-III Apparel Group, Ltd. (NASDAQ: GIII) is set to release its Q1 fiscal 2023 earnings on June 7, 2022, before market opening. Management will host a conference call at 8:30 a.m. ET to discuss the results, followed by a Q&A session. Investors can access the live webcast through the investor relations website or by dialing in. A replay will be available starting at 11:30 a.m. ET on the same day until June 14, 2022. G-III operates various well-known apparel brands, highlighting its strong market presence.

G-III Apparel Group has agreed to acquire the remaining 81% stake in the Karl Lagerfeld brand for $210 million. This all-cash transaction will enable G-III to fully own the brand, which has significant global retail sales potential exceeding $2 billion. G-III's existing leadership team will continue to manage the brand, which has become a vital part of its North American operations. The acquisition is anticipated to enhance G-III's overall economic value and improve shareholder returns.

G-III Apparel Group has announced the election of Lisa Warner Wardell and Patti H. Ongman to its Board of Directors, enhancing the board's expertise in technology and omni-channel retail. Morris Goldfarb, Chairman and CEO, expressed optimism regarding their insights contributing to the company's strategy for brand value. The board will also see the departure of long-standing members Willem van Bokhorst and Jeanette Nostra-Katz, with a focus on diversity, as 75% of the board will be independent. The anticipated changes aim to bolster operational expertise and social responsibility commitments.

Macellum Private Capital has launched, focusing on investing in Black- and minority-owned businesses in the consumer and retail sectors. The firm highlights a $1 trillion market opportunity, addressing historical capital access challenges for these businesses. It aims to provide strategic resources through partnerships with established firms like G-III Apparel Group (NASDAQ: GIII) and Citi Trends (NASDAQ: CTRN). The investment team consists of seasoned professionals, led by Managing Partner Daniel Balzora, and aims to support growth and wealth sustainability within minority communities.

G-III Apparel Group reported a historic fiscal year 2022 with a record net income per diluted share of $4.05. Net sales increased 35% to $2.77 billion, with fourth-quarter net sales rising 42% to $748.2 million. The company announced guidance for fiscal 2023, projecting net sales of approximately $3.0 billion and net income between $205 million and $215 million. Additionally, G-III's board authorized an increase in its share repurchase program from 2.3 million to 10 million shares.