US firm G-III Apparel's net sales ascend 16% in FY23

In terms of non-GAAP net income per diluted share, the company reported $2.85 in FY23, down from $4.20 in the same period last year, G-III Apparel said in a press release.

For the fourth quarter (Q4) of FY23, ending January 31, 2023, net sales increased by 14.2 per cent to $854.4 million, up from $748.2 million in the prior year's quarter. However, the company reported a net loss for Q4 of $261.1 million, or $5.54 per share, compared to a net income of $48.4 million, or $0.98 per diluted share, in the prior year's quarter.

Non-GAAP net income per diluted share was $0.41 for Q4 FY23, down from $1.06 in the same period last year.

“In fiscal 2023, we made significant progress on our strategic priorities as we leveraged G-III’s expertise and agility to capture a number of opportunities, despite a challenging environment. We successfully shifted our category focus based on market demand and expanded our brand ownership and global reach with our Karl Lagerfeld acquisition. For fiscal 2023, we registered net sales of $3.23 billion, up 17 per cent to the prior year and we reported non-GAAP net income per diluted share of $2.85,” said Morris Goldfarb, G-III’s chairman and chief executive officer.

Fibre2Fashion News Desk (DP)