The US textile group G-III Apparel Group Ltd. achieved a surprisingly high profit in the third quarter of 2023/24. However, sales development fell short of market expectations.
The group is bringing former PVH manager Dana Perlman into the management team
In addition to the latest results, the parent company of brands such as Donna Karan, DKNY, Karl Lagerfeld and Sonia Rykiel also announced an expansion of its leadership team on Tuesday. Accordingly, Dana Perlman will take over the newly created position of Chief Growth and Operations Officer on January 8th next year.
The experienced industry expert spent more than ten years of her career at the clothing group PVH Corporation, where she was most recently employed as Chief Strategy Officer & Treasurer until summer 2022. At G-III, Perlman will promote innovation, optimize processes and identify new business areas.
G-III can more than double its quarterly profit
In the third quarter, which ended on October 31, the group generated sales of 1.07 billion US dollars (985.3 million euros). This corresponded to a decrease of 1.0 percent compared to the same period last year.
However, the result was significantly higher than in the third quarter of last year and exceeded the expectations of management and analysts. The operating profit rose by 95.7 percent to 190.3 million US dollars, the net result attributable to shareholders jumped from 61.1 to 127.6 million US dollars (117.9 million euros).
Management is raising its earnings forecasts
Due to the pleasing earnings development, the group management increased its profit targets for the current financial year. Net income is now forecast to be in the range of $175 to $180 million. Previously, $145 million to $150 million was expected. However, the sales target was lowered from $3.30 billion to $3.15 billion.