G-III Apparel wraps up good third quarter
For its third quarter ended October 31, 2012, the American group G-III Apparel reported net sales up by 6.6% to 420 million euros (543.5 million dollars), while net income jumped 9.7% to 37.3 million euros. In the first nine months, net sales increased to 791 million euros versus 723 million in the same period last year.
“Even though the hurricane in New York caused an interruption of shipping during our peak days this quarter, we were still able to exceed our earnings targets,” said Morris Goldfarb, CEO of G III, which owns Andrew Marc, Marc New York and Marc Moto as well as licenses for Calvin Klein, Sean John and Kenneth Cole. The group acquired the men’s beachwear brand Vilebrequin brand last August and intends to continue its acquisitions to boost growth, forecasting sales of 1.07 billion euros for fiscal 2013 ending January 31, 2013.
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