G-III Apparel Group Ltd. slightly cut its sales forecasts for the year ended January 31, 2007, but maintained its projected earnings estimates. Overall results will come in substantially ahead of prior year results.
In announcing preliminary results, the leather outerwear and sportswear company, which operates a sizeable sports licensing business, said it expects net sales between $425 – $428 million, net income of $12.5 – $13.5 million and net income per share ranging between 90 cents and 95 cents for its year ended January 31.
On December 6, the New York-based company had projected sales of $430 million and earnings between 90 cents and 95 cents a share.
In the year ended January 31, 2006, G-III earned $7.1 million, or 58 cents a share, on sales of $324 million.
G-III has fashion licenses, among others, under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Nine West, Ellen Tracy, IZOD and Tommy Hilfiger labels, and sports licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Louisville Slugger, World Poker Tour and more than 100 U.S. colleges and universities. G-III-owned labels include Marvin Richards, G-III, Black Rivet, Siena Studio, Colebrook, G-III by Carl Banks, Winlit, NY 10018 and La Nouvelle Renaissance.
