G-III Apparel Group announcing its operating results for the third quarter of fiscal 2016 ended October 31, 2015 said that net sales increased by 12 per cent to $910 million from $812 million in the year-ago period.
The company's net income for the third quarter increased to $87.2 million, or $1.87 per diluted share, from $80.6 million, or $1.76 per diluted share, in the prior year's comparable period. On an adjusted basis, excluding items resulting in other income equal to $0.02, per share in the quarter ended October 31, 2015 and $0.22 per share in the quarter ended October 31, 2014, non-GAAP net income per diluted share for the third quarter increased to$1.85 from $1.54 in the prior year's third quarter.
Commenting on the results, Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "We are pleased to report a strong third quarter. Our organic sales and profit increase clearly differentiate us as a leader in our industry. We achieved this performance in a challenging market environment. Although outerwear is off to a slow start at retail, our dress, sportswear and handbag businesses performed well in the quarter."
The company also revised its prior guidance for the full fiscal year ending January 31, 2016. It is continuing to forecast net sales of approximately $2.40 billion. It now expects net income to be between $124 million and $131 million, or a range between $2.67 and $2.82 per diluted share, compared to its previous guidance of net income between $129 million and $134 million, or a range between $2.78 and $2.88 per diluted share, and to net income of $110.4 million, or $2.48 per diluted share in the fiscal year ended January 31, 2015.
The company is now projecting adjusted EBITDA for fiscal 2016 to increase between 22 per cent and 28 per cent to between approximately $227 million and $238 million compared to adjusted EBITDA of $186.6 million in fiscal 2015 and from its previous guidance of adjusted EBITDA of between approximately$237 million and $245 million.
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