G-III Apparel Group, a leading apparel and accessories manufacturer based in the US, posted a rise of 12 per cent in its net sales to $910 million in the third quarter of fiscal 2016 ending October 31, 2015 compared to $812 million in the third quarter of fiscal 2015, according to a press statement released by the company. The net income for the third quarter of fiscal 2016 was recorded at $87.2 million, which shows a rise of 8.18 per cent as compared to $80.6 million in the corresponding quarter last fiscal. The rise in earnings per diluted share was recorded at 6.25 per cent, from $1.76 in the third quarter of fiscal 2015 to $1.87 in the third quarter of fiscal 2016. On a non-GAAP basis, the net income per diluted share increased by 20.12 per cent in the third quarter of fiscal 2016 to $1.85. Commenting on the results, Morris Goldfarb, chairman, CEO and president of G-III 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.” “We have made a guidance revision for the full-year to reflect expected softness in consumer spending and reduced traffic in the fourth quarter,” he added. The company 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 for the fiscal year ending on January 31, 2016.
