In a notable turnaround, G-III Apparel announces a profitable third quarter with net sales of $1.07 billion and net income of $127.6 million, or $2.74 per diluted share. The New York-based company, boasting brands like Donna Karan and Karl Lagerfeld, is set to elevate its strategic vision with the appointment of Dana Perlman as the inaugural Chief Growth and Operations Officer.
Perlman, with a decade at PVH Corp. and a background in investment banking, takes the helm in overseeing G-III’s main divisions, driving strategy, finance, communications, and technology. Morris Goldfarb, Chairman, and CEO, commends the strong profitability, citing success in the wholesale segment, disciplined inventory management, and financial acumen.
Highlighting significant progress in the past twelve months, G-III focuses on key initiatives: expanding the Donna Karan brand, securing long-term licenses for Nautica, Halston, and Champion outerwear. The company, with a robust balance sheet, emphasizes financial flexibility for business investments and potential opportunities.
Looking forward, G-III is optimistic, raising its full-year earnings per share guidance for fiscal 2024. Projections include net income between $175 million and $180 million, or $3.75 to $3.85 per diluted share, with expected net sales of approximately $3.15 billion.
As G-III Apparel continues its upward trajectory, the strategic appointment of Dana Perlman reflects a commitment to growth and operational excellence. Stay tuned for a dynamic fiscal year, marked by profitability, strategic initiatives, and a visionary leadership team.