The US clothing group G-III Apparel Group Ltd. presented mixed quarterly figures for the third quarter of the 2024/25 financial year on Tuesday. Because the profit missed the previous year’s level but was above expectations, the parent company of brands such as Donna Karan, DKNY, Karl Lagerfeld and Sonia Rykiel raised its earnings forecast for the full year.
In the three months to October 31, group sales reached $1.09 billion (1.03 billion euros). This increased by 1.8 percent compared to the same quarter last year, but fell short of expectations. The company blamed the generally difficult market situation, atypical weather conditions and disruptions in the supply chain. In the final quarter, sales of the group brands increased again, according to a statement.
The group is adjusting its forecasts
Net profit attributable to shareholders fell 10.1 percent to $114.8 million ($109.1 million), not least due to higher marketing expenses. However, it was significantly higher than had previously been expected.
The group adjusted its annual forecasts based on the current figures. he now expects sales to grow by around two percent to $3.15 billion. The previous target was $3.20 billion. The net profit target, which had previously been $179.0 million to $184.0 million, was raised to $185.0 million to $190.0 million.
