G-III Apparel Group Maintains Forecast
The full year sales growth was driven by strong performances from many of the Company's wholesale businesses.
G-III Apparel Groupannounced operating results for the fourth quarter and full year of fiscal 2016.Net sales for the fiscal year ended January 31, 2016 were up 11% to $2.34 billion from $2.12 billion in the prior year. The full year sales growth was driven by strong performances from many of the Company’s wholesale businesses, as well as by growth in G.H. Bass & Co. comparable store sales.
The Company reported GAAP net income for the fiscal year ended January 31, 2016, of $114.3 million, or $2.46 per diluted share, compared to $110.4 million, or $2.48 per diluted share, in the prior year. For the fiscal year ended January 31, 2016, adjusted EBITDA increased by 13% to $210.1 millionfrom $186.6 million in the prior fiscal year.
For the fourth quarter ended January 31, 2016, G-III reported that net sales increased by 3% to $527.4 million from $514.3 million in the fourth quarter last year and that net income per diluted share was $0.17 compared to $0.48 in the fourth quarter last year.
The increase in net sales was the result of strength in many of the Company’s wholesale businesses and G.H. Bass retail, offset in part, by lower sales and higher promotion costs with respect to outerwear in our wholesale and Wilsons Leather retail businesses. «The weaker outerwear sales in the fourth quarter are the primary reason that our sales and profits for the full year were lower than previously forecasted.» saidG-III Apparel Group.