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G-III Apparel Group, Ltd. Stock Surges on Strong Q1 Report

G-III Apparel Group, Ltd. (NASDAQ:GIII), the company behind clothing and retail brands, Guess?, Inc. (NYSE:GES) DKNY, Calvin Klein, Tommy Hilfiger, Levi’s, and Dockers, reported earnings for its fiscal first quarter of 2019 on Tuesday.

G-III Apparel Group, Ltd. Stock Surges on Strong Q1 Report

Source: Shutterstock

During its earnings report for its fiscal first quarter of the year, G-III Apparel Group, Ltd. reported earnings per share of 22 cents. This is an increase over its losses per share of 18 cents from the same time last year. It was also a major boon to GIII stock by coming in well above Wall Street’s losses per share estimate of 6 cents for the quarter.

Net income reported by G-III Apparel Group, Ltd. for the fiscal first quarter of 2019 was $9.89 million. This is an improvement over its net loss of $10.39 million that was reported in the fiscal first quarter of 2018.

G-III Apparel Group, Ltd. also reported operating profit of $23.08 million for its fiscal first quarter of the year. This is better than the clothing company’s operating loss of $5.53 million from the same period of the year prior.

G-III Apparel Group, Ltd.’s earnings report for its fiscal first quarter of 2019 also includes revenue of $611.73 million. This is up from the company’s revenue of $529.04 million that was reported in the fiscal first quarter of the previous year. It was also a blessing for GIII stock by beating out analysts’ revenue estimate of $567.36 million for the period.

G-III Apparel Group, Ltd. also updated its outlook for fiscal 2019 in its most recent earnings report. The company is now expecting earnings per share to range from $2.27 and $2.37 on revenue around $2.97 billion. Wall Street is looking for earnings per share of $2.06 on revenue of $2.97 billion for the fiscal full year of 2019.

GIII stock was up 10% and GES stock was up 5% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/06/giii-stock-up-on-earnings-beat/.

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