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G-III Apparel Group Q2 results

Mumbai: G-III Apparel Group has announced financial results for the second quarter ended July 31, 2017. The company reported a…

By gta_admin , in Comapny news National News , at September 7, 2017 Tags:

Mumbai: G-III Apparel Group has announced financial results for the second quarter ended July 31, 2017. The company reported a 21.6 per cent increase in its net sales during the period to US $ 538.0 million, up from US $ 442.3 million in the same quarter of 2016. G-III’s diverse business, driven by Calvin Klein and supported by Tommy Hilfiger and Karl Lagerfeld Paris brands helped it record growth.

Mumbai: G-III Apparel Group has announced financial results for the second quarter ended July 31, 2017. The company reported a 21.6 per cent increase in its net sales during the period to US $ 538.0 million, up from US $ 442.3 million in the same quarter of 2016. G-III’s diverse business, driven by Calvin Klein and supported by Tommy Hilfiger and Karl Lagerfeld Paris brands helped it record growth.

However, the clothing retailer failed to raise its profit margin. It noted a net loss of US $ 8.6 million in the second quarter compared to a net loss of US $ 1.3 million in the corresponding period of last year. The company is optimistic that the addition of Donna Karan and DKNY brands will help it capture better margins in the future.

After the second quarter results, G-III has revised its revenue forecast for the full fiscal year ending January 31, 2018. It now expects to note approximately US $ 2.80 billion in revenue. Net income is likely to remain between US $ 56 million and US $ 60 million.

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