G-III Apparel Q1 Adjusted EPS of -$0.21 Beats Estimates, Sales Top Forecasts
GIII sits 70% above its 52-week low of $20.33.
Summary
G-III Apparel Group reported a Q1 adjusted EPS loss of $0.21, which is better than the anticipated loss of $0.30 per share. Q1 sales also exceeded expectations at $536 million, compared to an estimated $529.07 million. This positive surprise follows a significant Q4 EPS miss and an adverse auditor opinion on internal controls reported in March. The company also recently announced a $500 million acquisition of the Marc Jacobs operating business. Beating estimates, even with a loss, could provide a boost to sentiment after recent challenges and a major strategic move.
At the time of this announcement, GIII was trading at $34.65 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $20.33 to $34.83. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.