US-based G-III Apparel Group Ltd. has registered an increase of 4.7 percent to US $ 1.07 billion in the third quarter ended October 31, 2018.
In the statement issued, the company states that its net income for the quarter remained US $ 94 million compared to US $ 81.6 million in the prior year’s comparable quarter. Explaining the factor that triggered growth, Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “In our largest shipping quarter, the continued momentum in our wholesale business enabled us to surpass our third quarter earnings guidance.”
Bolstered by the quarterly revenue, G-III has raised its guidance for the full-year ending January 31, 2019. It expects net sales of around US $ 3.08 billion and net income between US $ 132 million and US $ 137 million.
The company earlier predicted net sales of around US $ 3.06 billion and net income between US $ 125 million and US $ 130 million for the fiscal.
Markedly, G-III Apparel Group designs, manufactures, and markets women’s and men’s apparel in the US and internationally through a portfolio of proprietary and licensed brand including Guess?, DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger, Andrew Marc, Levi’s, Dockers, and Wilsons.