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2024-09-05 23:12
Shares of G-III Apparel Group (NASDAQ:GIII) were catapulted to a 3-month-high, snapping resistance at the 200-day moving average as the company’s improved profitability coupled with raised EPS outlook for FY25 and new licensing agreement for Converse (NKE) offset soft Q2 sales and underwhelming revenue guidance for the fiscal year.
Led by double-digit gains in the company’s DKNY and Karl Lagerfeld collections, G-III Apparel (GIII) earned an adjusted profit of $0.52 up from $0.40 a year ago and $0.25 better than expectations. Sales, however, were down 2.3% to $644.8M, $4.7M less than estimates.
For the current quarter, G-III (GIII) expects profitability to improve to a range of $2.20 to $2.30, below the $2.61 consensus but up 4x sequentially. Sales are expected to climb 3% to $1.10B, falling slightly below the $1.13B consensus.
FY25 profit guidance was raised to $3.95-$4.05 per share from $3.58-$3.68, initially, above the Street’s consensus of $3.66. Adjusted EBITDA was raised to $305M to $310M from $295M to $300M compared to $324.1M in FY24. Sales are expected to improve by 3% to $3.20B, unchanged from prior guidance and in-line with expectations.
The company also announced a licensing agreement for Converse, a wholly owned subsidiary of Nike (NKE), to design and produce men’s and women’s apparel for global distribution. The new line is expected to launch in Fall 2025.
Shares were up 18%.