Despite the dip in net income, the company saw a marginal rise in non-GAAP net income per diluted share, recording $0.40 for Q2 FY24, slightly up from $0.39 in the last year's same period, G-III Apparel said in a press release.
G-III Apparel Group reported a 9 per cent increase in Q2 FY24 net sales, reaching $659.8 million, albeit with a decreased net income of $16.4 million.
The company foresees a robust fiscal 2024 with projected net sales around $3.30 billion, rebounding from a net loss experienced in FY23.
It also anticipates a Q3 FY24 net sales of approximately $1.13 billion.
“For the second quarter of fiscal 2024, we once again beat both our top and bottom line guidance and made progress on our strategic priorities. Our first half performance further validates G-III’s ability to successfully navigate what remains a dynamic environment. I am immensely proud of our team’s consistently strong execution,” said Morris Goldfarb, G-III Apparel’s chairman and chief executive officer.
For FY24, the company is anticipating net sales to be around $3.30 billion, aiming for a net income bracket of $145 million to $150 million, which translates to $3.05 to $3.15 per diluted share. These estimates present a rebound from the fiscal 2023 stats where the net sales were $3.23 billion accompanying a net loss of $133.1 million or $2.79 per share.
Further breaking down the projections for fiscal 2024, the company is estimating a non-GAAP net income between $152 million and $157 million, indicating earnings of $3.20 to $3.30 per diluted share, a climb from the $138.8 million or $2.85 per diluted share documented in fiscal 2023. Adjusted EBITDA is projected to fall in the range of $284 million to $289 million, showing an uptrend from the $266.1 million in the previous fiscal.
For Q3 FY24, the company is expecting net sales to be approximately $1.13 billion, a notch higher than the $1.08 billion recorded in the same period last year. The net income is forecast to be between $94 million and $99 million, leading to earnings between $1.99 and $2.09 per diluted share, showing a positive trajectory from the $61.1 million or $1.26 per diluted share marked in the third quarter of last fiscal.
Fibre2Fashion News Desk (DP)
