Fourth quarter net sales at G-III Apparel Group decreased 10.5 percent to 764.8 million dollars.
Net income for the quarter was 28.9 million dollars or 61 cents per diluted share, while non-GAAP net income per diluted share increased to 76 cents.
Commenting on the results, Morris Goldfarb, G-III’s chairman and CEO, said: “We delivered strong growth with DKNY, Karl Lagerfeld and Vilebrequin, increasing penetration of our higher margin, owned brands to 47 percent of fiscal 2024 net sales, up from 40 percent last year. Our diverse business model and disciplined operating approach has allowed us to further strengthen our credit profile as we ended the year in a net cash position, with over a billion dollars in liquidity.”
Net sales for the full fiscal year decreased 4 percent to 3.10 billion dollars. The company’s net income reached 176.2 million dollars or 3.75 dollars per diluted share and non-GAAP net income per diluted share rose to 4.04 dollars for the year.
For fiscal 2025, the company expects net sales of approximately 3.20 billion dollars and net income between 167 million dollars and 172 million dollars or between 3.50 dollars and 3.60 dollars per diluted share.
Non-GAAP net income is expected to be between 167 million dollars and 172 million dollars or between 3.50 dollars and 3.60 dollars per diluted share.
Full-year adjusted EBITDA for fiscal 2025 is expected to be between 290 million dollars and 295 million dollars.
For the first quarter, the company expects net sales of approximately 615 million dollars, net loss and non-GAAP net income is expected to be in the range of 5 million dollars and break-even, or loss of 10 cents and 0 cents per share.
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