G-III Apparel Group, Ltd. net sales for the first quarter ended April 30, 2022 increased 32.5 percent to 688.8 million dollars.
The company reported net income of 30.6 million dollars or 62 cents per diluted share, compared to 26.3 millions or 53 cents per diluted share, in the prior year’s quarter. Non-GAAP net income per diluted share was 72 cents compared to 56 cents in the same period last year.
Commenting on the first quarter trading, Morris Goldfarb, G-III’s chairman and chief executive officer, said, “Our strong momentum continued in the first quarter of fiscal 2023 exceeding both our top and bottom line guidance, despite a challenging environment. Our recent Karl Lagerfeld acquisition has further expanded our portfolio of owned brands and our global presence.”
Raising its guidance for the fiscal year ending January 31, 2023, the company said it expects net sales of approximately 3.24 billion dollars and net income between 205 million dollars and 215 million dollars or between 4.23 dollars and 4.33 dollars per diluted share.
This compares to net sales of 2.77 billion dollars and net income of 200.6 million dollars or 4.05 dollars per diluted share, last year.
The company added that this guidance is inclusive of approximately 140 million dollars in net sales and net income of approximately 10 cents per diluted share in connection with the acquisition of the Karl Lagerfeld brand for seven months of ownership in this fiscal year.