Sep 6, 2009
G-III posts narrower-than-expected second quarter loss
Sep 6, 2009
Sept 3 (Reuters) - G-III Apparel Group Ltd (GIII.O) posted a smaller-than-expected quarterly loss due to strong performance at its dress and sportswear businesses, and lower costs.
Guess by Marciano from G-III Apparel Group - Photo: www.g-iii.com
"Even while we have streamlined our infrastructure, we have at the same time continued to invest in our sportswear, dress and suit businesses to support the growth we are experiencing and believe will continue," Chief Executive Morris Goldfarb said in a statement.
G-III, whose brands include Marvin Richards, G-III, Black Rivet and Winlit, posted net loss of $2.8 million, or 17 cents per share, compared with a net loss of $3.9 million, or 23 cents per share, a year ago.
Gross profit rose to $40.8 million, up from the $28.9 million it had posted in the same quarter a year ago.
Net sales rose 20 percent to $135.9 million.
Analysts, on average, were expecting the company to post a loss of 26 cents a share on revenue of $136.1 million, according to Reuters Estimates.
For the full year, the New York-based company said it expects to earn between 95 cents and $1.05 a share on sales of about $770 million.
Analysts were expecting it to earn $1.02 a share on revenue of $819.9 million.
Shares of the company were trading down 13 cents at $15.80 after the bell. They closed at $15.93 Thursday 3 September on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anil D'Silva ) (([email protected]; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: [email protected]))
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