American fashion retail company G-III Apparel Group, which operates brands like DKNY, Donna Karan, Vilebrequin and G.H. Bass, has registered a 16.1 percent surge in its second-quarter (ended July 31, 2018) net sales to reach US $ 624.7 million as against US $ 538.0 million in the corresponding period of 2017.
Net income of the company during the period remained US $ 10.1 million as against the net loss of US $ 8.6 million last year.
“Our outperformance was driven by excellent results across our wholesale businesses. We are successfully leveraging our five global power brands to deliver market relevant product that resonates with today’s consumers,” mentioned Morris Goldfarb, Chairman and CEO of G-III Apparel Group.
Enthused by strong results in the second quarter, G-III Apparel has now raised its full-year 2019 guidance. The fashion firm now expects net sales to remain around US $ 3.06 billion against its previous estimates of US $ 2.97 billion in net sales.
Further, net income of the company is expected to be between US $ 125 million and US $ 130 million compared to US $ 112 million and US $ 117 million previously.
For the third quarter, G-III Apparel expects US $ 1.08 billion in net sales and net income at around US $ 90 million.