G-III Apparel raises annual forecast
PARIS, France - For its full fiscal year 2014 ending January 31, the G-III Apparel group is projecting adjusted EBITDA to increase between 14% and 17% to between approximately $129.5 million and $132.8 million as compared to its previous guidance of between $126.5 million and $129.5 million.
The adjusted forecast comes after the group, which holds licenses for brands such as Calvin Klein, Dockers and Levi’s, posted strong results for its first quarter, ended in April. G-III Apparel reported a 19% increase in turnover against the same period the previous year with a total of 273 million dollars.
Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, "Our increase in first quarter revenue was driven by a variety of businesses and by the inclusion of sales from Vilebrequin which was acquired in August 2012. We saw a strong performance across a broad range of categories, particularly with respect to a number of our Calvin Klein products, and from our growing retail operations which produced double-digit comparable store sales increases in the quarter."
Net profit at the group also gives promising signs for the future. After reporting loss of 847,000 dollars in the previous year, the group is now back in the black with income of 1.1 million dollars. G-III is confident that it will generate turnover of 1.2 billion for this fiscal year against 1 billion last year.
In order to secure this projected growth, the company is looking to focus the development of its offering, including Ivanka Trump shoes, Calvin Klein swimwear and a newly developed line of swimwear for women at Vilebrequin.
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