G-III Apparel: Strength In The Numbers
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- G-III Apparel (NASDAQ:GIII) reports gross margin rate fell 30 bps to 35.2% in Q2.
- SG&A expense rate grew 470 bps to 34.6%.
- Inventory +13.7% to $634.58M.
- Q3 Guidance: Net sales: ~$940M; Net income: $70M to $76M; Diluted EPS: $1.50 to $1.60.
- FY2017 Guidance: Net sales: ~$2.48B; D&A: $31.7M; Interest and financing charges, net: $7.3M; Income tax expense: $55M to $58M; Net income: $102M to $106M; Diluted EPS: $2.16 to $2.26; Adjusted EPS: $2.20 to $2.30; Adjusted EBITDA: $199M to $206M.
- GIII -13.74% premarket.
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- Results from Fossil (FOSL +5.3%) and Ralph Lauren (RL +8.2%) that came in ahead of some beat-down expectations are helping to provide a lift to other names in the apparel sector. The rally is focused primarily on higher-end sellers.
- Cost streamlining helped to cut into weak tourism and F/X trends.
- Notable gainers include Hanesbrands (HBI +3.6%), PVH Corp (PVH +1%), Luxottica (LUX +1.9%), Kohl's (KSS +2.3%), VF Corp (VFC +1.2%), Guess (GES +1.2%), G-III Apparel (GIII +1.7%), Gildan Activewear (GIL +0.8%), and Vera Bradley (VRA +1.5%).
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- For only the second time in its almost 30-year history, LVMH Moet Hennessy Louis Vuitton (OTCPK:LVMUY), the largest luxury conglomerate in the world, is selling a fashion brand.
- The French company has agreed to sell Donna Karan International to G-III Apparel Group (NASDAQ:GIII) in a deal worth $650M.
- The sale is expected to close in late 2016 or early 2017.
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- A weak earnings report from Skechers (SKX -22%) and a warning from VF Corp (VFC -2.8%) is taking down a number of peers of the apparel sellers.
- Soft demand in Asia, disruption in Europe, and continued F/X headwinds were cited by both companies.
- Oxford Industries (OXM -2.1%), Wolverine World Wide (WWW -2.6%), Crocs (CROX -2.9%), Steven Madden (SHOO -1.8%), and G-III Apparel Group (GIII -2.3%) are all lower.
- The negative start to the earnings season for the apparel/footwear sector appears to be impacting Nike (NKE -0.8%) and Under Armour (UA -0.9%) as well.
- Previously: Skechers -8% after missing Q2 expectations (July 21)
- Previously: V.F. beats by $0.01, misses on revenue (July 22)
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- G-III Apparel (NASDAQ:GIII) reports gross margin rate improved 50 bps to 36.2% in Q1.
- SG&A expense rate increased 180 bps to 33.5%.
- Operating margin rate fell 150 bps to 1.2%.
- Inventory +9.6% to $406.72M.
- Q2 Guidance: Net sales: ~$485M; Net income: $7M to $9M; Diluted EPS: $0.15 to $0.19.
- FY2017 Guidance: Net sales: ~$2.56B; D&A: $31M; Interest and financing charges, net: $7M; Income tax expense: $70M to $73M; Net income: $120M to $125M; Diluted EPS: $2.55 to $2.65; Adjusted EBITDA: $228M to $236M.
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