Stock Monitor: Oxford Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 6, 2018 / If you want access to our free earnings report on G-III Apparel Group, Ltd (NASDAQ: GIII) ("GIII"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GIII. The Company reported its financial results on June 05, 2018, for the first quarter of the fiscal year 2019, ended April 30, 2018. The Company surpassed analysts' estimates for earnings and revenues in Q1 FY19. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For Q1 FY19, GIII's total revenues reached $611.74 million, reflecting an increase of 15.63% from $529.04 million in Q1 FY18. The Company's revenue numbers exceeded analysts' consensus estimates of $570.10 million.
During Q1 FY19, GIII's cost of goods sold was $376.31 million, 14.96% higher than $327.33 million in Q1 FY18. The Company's gross profit jumped 16.72% to $235.44 million in the quarter under review from $201.72 million in the year ago same quarter.
GIII incurred selling, general, and administrative expenses (SG&A) of $202.98 million in Q1 FY19, an increase of 2.82% from $197.41 million in Q1 FY18. For the reported quarter, the Company's depreciation and amortization expenses fell 4.66% to $9.38 million on a y-o-y basis. GIII had an operating profit of $23.08 million in Q1 FY19 compared to an operating loss of $5.53 million in Q1 FY18.
GIII reported a net income of $9.89 million in the quarter ended April 30, 2018, versus a net loss of $10.39 million in Q1 FY18. The Company had a diluted income per share of $0.20 in the reported quarter, up from a diluted loss per share of $0.21 in the prior year's comparable quarter. The Company's reported results included non-cash imputed interest expenses related to the note issued to seller as part of the consideration for the acquisition of Donna Karan International ("DKI") of $1.20 million in Q1 FY19 compared to $1.40 million in Q1 FY18; and professional fees related to the acquisition of DKI of $1.10 million in Q1 FY18. Excluding these special items, GIII had an adjusted diluted income per share of $0.22 in Q1 FY19 compared to an adjusted diluted loss per share of $0.18 in Q1 FY18. Market analysts had estimated the Company to report a loss per share of $0.04 for the reported quarter.
GIII had cash and cash equivalents of $71.05 million as on April 30, 2018, an increase of 5.83% from $67.13 million as on April 30, 2017. The Company's long-term debt balance fell 9.04% to $448.26 million as on April 30, 2018, from $492.80 million as on April 30, 2017.
For the full fiscal year 2019, ending January 31, 2019, GIII expects net sales of approximately $2.97 billion and GAAP net income between $112 million and $117 million, or between $2.20 and $2.30 per diluted share. The Company expects non-GAAP net income to be between $116 million and $121 million, or between $2.27 and $2.37 per diluted share, for FY19. GIII expects adjusted EBITDA of $236 million to $246 million for FY19.
For the second quarter of the fiscal year 2019, ending July 31, 2018, GIII expects net sales of approximately $590 million and GAAP net income or loss between a net loss of $3.50 million and net income of $1.50 million, or between a net loss of $0.07 per share and net income of $0.03 per share. On an adjusted basis, the Company expects a non-GAAP net income or loss between a net loss of $2.60 million and net income of $2.40 million, or between a net loss of $0.05 per diluted share and net income of $0.05 per diluted share, for Q2 FY19.
Stock Performance Snapshot
July 05, 2018 - At Thursday's closing bell, G-III Apparel Group's stock slightly dropped 0.35%, ending the trading session at $43.15.
Volume traded for the day: 418.90 thousand shares.
Stock performance in the last three-month - up 9.74%; previous six-month period - up 12.96%; past twelve-month period - up 74.13%; and year-to-date - up 16.97%
After yesterday's close, G-III Apparel Group's market cap was at $2.20 billion.
Price to Earnings (P/E) ratio was at 23.73.
The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Clothing industry. This sector was up 1.0% at the end of the session.
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