DKNY and Karl Lagerfeld parent G-III Q3 sales were down 1% to $1.07bn with income up to $127.6m and has raised its outlook for FY23 net sales to $3.15bn and income between $175-180m.
DKNY and Karl Lagerfeld parent G-III Apparel Group’s net sales for Q3 ended October 31, 2023 decreased 1% to $1.07bn from $1.08bn in the prior year’s quarter.
The company said net income rose to $127.6m, while non-GAAP net income per diluted share increased to $2.78 for Q3.
Commenting on the trading results, Morris Goldfarb, G-III’s chairman and chief executive officer, said: “For the third quarter of fiscal 2024, we delivered strong profitability, well exceeding our earnings per diluted share guidance, driven by strength across our wholesale segment, our prudent inventory management and our financial discipline.”
Raising its outlook for the year ahead, the company said, it expects net sales of approximately $3.15bn and net income between $175m and $180m. This compares to net sales of $3.23bn and a net loss of $133.1m, for FY2023.
The company is anticipating non-GAAP net income between $182m and $187m compared to $138.8m or $2.85 per diluted share, for FY2023, and is projecting full-year adjusted EBITDA between $317m and $322m compared to $266.1m in FY2023.
Mr. Goldfarb concluded, “Over the last twelve months, we have made significant progress accelerating our strategic priorities. We are developing and are on track with four new growth initiatives to drive our business including the expansion of our owned Donna Karan brand, a long-term license for Nautica in North America, a master global licensing agreement for Halston, and a multi-year outerwear license for Champion. The strength of our balance sheet affords us tremendous financial flexibility to invest in our business and consider additional opportunities.”
G-III appoints new chief growth and operations officer
G-III also announced that it has appointed Dana Perlman as its new chief growth and operations officer, effective January 8, 2024.
In the newly created role, Perlman, the company added, will oversee strategy, finance, communications, information technology, and other operating functions.
“As we focus on new opportunities to evolve our business, I am pleased to welcome Dana to G-III. With impressive experience and a strong track record of success leading strategy, finance and business development, she brings a wealth of industry expertise and is well-equipped to support our plans,” added Goldfarb.
Previously, Perlman spent 10 years at PVH Corp. and before that, held several roles in investment banking at Barclays Capital, Lehman Brothers and Credit Suisse First Boston. She is a director of O’Reilly Automotive Inc. and previously served on the Board of Sigma Lithium Corp.
On her new role at G-III, Perlman said: “I look forward to working with Morris and the entire team to further enhance the company’s strategy and financial and operating performance, as well as advance its competitive position for the future.”
