G-III Apparel Group narrows loss in 2Q

G-III Apparel Group narrows loss in second quarter

• On 6:55 pm EDT, Thursday September 3, 2009

NEW YORK (AP) -- G-III Apparel Group Inc. on Thursday said it narrowed its loss for the fiscal second quarter.

The company said its sales grew 20 percent to $135.9 million for the quarter ended July 31 from $113.5 million a year earlier. The improved sales helped the apparel company narrow its net loss to $2.8 million, or 17 cents per share, compared with a net loss of $3.9 million, or 23 cents per share, in the same period last year.

Analysts polled by Thomson Reuters expected the company to post a loss of 26 cents on revenue of $136.1 million.

G-III said it saw strong results from its dress and sportswear business and said it is well-positioned for the fall season. The company also said it has changed the merchandise mix at its Wilsons outlet stores to increase sales during the holiday season and could see considerably improved performance for Wilson compared with last year.

For the full 2010 fiscal year, the company expects to earn $16.6 million to $18.4 million, or 95 cents to $1.05 per share, on sales of $770 million.

Analysts anticipate G-III will earn $1.02 a share on revenue of $823.1 million.

Shares of G-III fell 50 cents, or 3.1 percent, in after-hours trading following the news. In the regular session, the stock gained 77 cents, or 5.1 percent, to close at $15.93.

Buzz up!