G-III Apparel misses by $0.49, reports revs in-line; guides FY23 EPS below consensus, reaffirms FY23 revs guidance; also extends license agreements for Calvin Klein and Tommy Hilfiger
- Reports Q3 (Oct) earnings of $1.35 per share, excluding non-recurring items, $0.49 worse than the S&P Capital IQ Consensus of $1.84; revenues rose 6.2% year/year to $1.08 bln vs the $1.07 bln S&P Capital IQ Consensus.
- "During the quarter, the higher inventory levels caused logistical challenges within our distribution centers. This resulted in significant one-time charges in the third quarter, that were above our expectations, which adversely impacted our bottom line by approximately $0.40 per diluted share. For the fourth quarter of fiscal year 2023, our order book is strong and we are well positioned to meet the demand of our retailers for the Holiday season."
- Co issues guidance for FY23, sees EPS of $2.90-3.00, excluding non-recurring items, vs. $3.60 S&P Capital IQ Consensus; sees FY23 revs of $3.15 bln vs. $3.13 bln S&P Capital IQ Consensus.
- Co says guidance anticipates the expected impact from current levels of inflationary pressure on consumers and incremental costs associated with the supply chain conditions, including the timing of receipts of goods.
- Co also announces the extension of license agreements for Calvin Klein and Tommy Hilfiger products. See 16:23 comment for more details.
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