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G-III Apparel Group, Ltd. Announces Third Quarter Fiscal 2010 Results

Posted by Dana in December 3rd 2009

G-III Apparel Group, Ltd. (NasdaqGSM: GIII) announced results for the three and nine month periods ended October 31, 2009.

For the three months ended October 31, 2009, net sales increased by 3.4% to $363.5 million from $351.6 million in the same quarter of last year. Net income for the three months ended October 31, 2009 increased by 12.2% to $32.3 million, or $1.87 per diluted share, compared to $28.8 million, or $1.68 per diluted share, in the prior year’s period.

For the nine months ended October 31, 2009, net sales increased by 12.3% to $607.0 million from $540.5 million in the same period last year. Net income for the nine months ended October 31, 2009 increased by 25.5% to $22.7 million, or $1.33 per diluted share, compared to $18.1 million, or $1.07 per diluted share, in the same period last year.

Outlook

For the full fiscal 2010 year ending January 31, 2010, the Company has revised its guidance and now expects net sales of approximately $790 million, compared to its prior guidance of net sales of approximately $770 million, net income in the range of $23.0 million to $23.7 million, compared to its prior guidance of net income in the range of $16.6 million to $18.4 million, and diluted net income per share between $1.31 and $1.35, compared to its prior guidance of diluted net income per share between $0.95 and $1.05. The Company is also now forecasting EBITDA for the fiscal year ending January 31, 2010 to increase approximately 36% to 40% from fiscal 2009 to a range of approximately $49.8 to $51.3 million compared to its prior guidance of EBITDA in the range of $40.2 million to $43.2 million. EBITDA should be evaluated in light of the Company’s financial results prepared in accordance with US GAAP. A reconciliation of EBITDA to net income in accordance with US GAAP is included in a table accompanying the condensed financial statements in this release.