G-III Apparel sales decline to $827 mn in Q3 FY21
G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 26.7 per cent sales decline to $826.6 million in its third quarter (Q3) fiscal 2021 that ended on October 31, compared to the sales of $1.13 billion in the same period last year. Company’s net income slipped to $63.1 million (Q3 FY20: $95.3 million).
“Our results reflect a significant sequential improvement in the third quarter as we effectively developed product lines that aligned with the shift in consumer demand towards casual, comfortable and functional clothing. We believe our product assortments for our portfolio of global brands are responsive to today’s market trends as we continue to gain market share,” Morris Goldfarb, G-III’s chairman and chief executive officer, said in a press release.
Gross profit for the quarter was down to $297.7 million ($399.0 million). Selling, general and administrative expenses were $177.6 million ($246.5 million). G-III Apparel operating profit for the quarter dropped to $110.0 million ($142.8 million).
As company has earlier announced, it is restructuring its retail operations segment, which includes permanently closing 110 Wilsons Leather and 89 GH Bass stores. Sales for Q3 FY21 for the Wilsons Leather and GH Bass stores’ portion of retail operations segment were $38.2 million ($59.8 million). The company remains on track to complete the closing of these stores by the end of fiscal 2021.
Thursday, 17 December 2020