NEW YORK (AP) -- G-III Apparel's net income rose 11 percent in its fiscal third quarter, beating analysts' prediction despite shipping problems stemming from Superstorm Sandy.
Sandy, which struck the East Coast in late October, caused an interruption in G-III's shipping during the quarter's peak days, said CEO Morris Goldfarb in a statement on Wednesday.
The company lifted its profit outlook for the year but cut its revenue forecast.
G-III Apparel Group Ltd. makes dresses, coats, handbags and other items sold in its Wilsons Leather stores as well as by other retailers, including department stores.
The New York company earned $48.3 million, or $2.37 per share, for the three months ended Oct. 31. A year earlier it earned $43.6 million, or $2.16 per share.
Stripping out acquisition-related costs, earnings were $2.43 per share. Analysts polled by FactSet expected earnings of $2.35 per share.
Revenue increased 7 percent to $543.5 million from $510 million, but fell short of Wall Street's $572.2 million estimate.
For the year ending Jan. 31, G-III now anticipates earnings, excluding one-time costs, of $2.82 to $2.92 per share, bracketing analysts' estimate of $2.85 per share. Previously the company forecast $2.74 to $2.84 per share.
G-III also lowered its revenue guidance to $1.39 billion from $1.41 billion. Wall Street predicts $1.41 billion.
Shares of G-III added 4 cents to $37 in premarket trading. Shares have gained 48 percent this year.
- Investment & Company Information