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

18 May '23
2 min read
PIC: G-III Apparel
PIC: G-III Apparel

Insights

  • US-based firm G-III Apparel Group reported a 16.6 per cent increase in FY23 net sales, reaching $3.23 billion.
  • However, a net loss of $133.1 million was recorded, compared to last year's net income of $200.6 million.
  • In the fourth quarter of FY23, the company saw a 14.2 per cent increase in sales to $854.4 million, despite a net loss of $261.1 million.
G-III Apparel Group, a leading global apparel company, has reported a 16.6 per cent increase in net sales for the fiscal 2023 (FY23), rising to $3.23 billion from $2.77 billion in the previous year. However, the company recorded a net loss of $133.1 million, or $2.79 per share, compared to a net income of $200.6 million, or $4.05 per diluted share, in the prior year.

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)

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