US clothing company G-III Apparel’s Q1 FY22 sales grow 28% to $520 mn

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G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 28.3 per cent sales growth to $519.9 million in its first quarter (Q1) FY22 ended on April 30, 2021, compared to the sales of $405.1 million in the corresponding period of previous fiscal. The company’s net income rose to $26.3 million (Q1 FY21: loss $39.3 million).

“We were pleased with our strong outperformance in the first quarter of this fiscal year. With each passing week, sales for broader lifestyle apparel, such as sportswear, wear-to-work attire and dresses, are accelerating and our overall business in North America is getting stronger. We believe these trends provide a good indication for the remainder of the year and give us confidence that we and our industry are well on our way to recovery,” Morris Goldfarb, G-III’s chairman and chief executive officer, said in a press release.

Gross profit for Q1 FY22 rose to $195.4 million ($124.4 million), while selling, general and administrative expenses were $141.6 million ($154.6 million). The company’s operating profit for the reported period was $46.8 million (operating loss: $43.2 million).

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