G-III Apparel Stock Gains On Q3 EPS Beat, Raised FY22 Guidance

by Shivani Kumaresan, Benzinga Staff Writer

December 1, 2021 10:35 AM | 1 min read | Make a Comment

G-III Apparel Group Ltd GIII reported third-quarter FY21 sales growth of 22.8% year-on-year, to $1.015 billion, versus the consensus of $1.01 billion. EPS of $2.16 beat the consensus of $1.78.
The gross profit rose 16.7% Y/Y to $347.5 million, with the margin contracting 180 basis points to 34.2%.
The operating margin was 15.6%, and operating income for the quarter rose 43.6% to $158.1 million.
The company held $279.6 million in cash and equivalents as of October 31, 2021.
Outlook: G-III sees FY22 sales of $2.77 billion (prior view $2.70 billion), above the consensus of $2.68 billion.
The company expects FY22 EPS of $3.65 - $3.75 (prior view $3.10 - $3.20), versus the consensus of $3.23.
Price Action: GIII shares are trading higher by 7.49% at $31.86 on the last check Wednesday.

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