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G-III Apparel Group LTD. (GIII+1.44%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports net sales of $1.09 billion for the three months ended October 31, 2024, an increase from $1.07 billion in the same period last year. The wholesale operations segment contributed $1.07 billion, while the retail operations segment accounted for $42.3 million.
Gross profit for the quarter was $432.1 million, representing 39.8% of net sales, compared to 40.6% in the previous year. The decrease in gross profit percentage was attributed to product mix changes.
Selling, general, and administrative expenses increased to $259.2 million from $236.3 million, primarily due to higher compensation and advertising expenses.
Net income for the quarter was $114.8 million, with a basic net income per share of $2.62, compared to $127.4 million and $2.79 per share in the previous year.
Cash and cash equivalents at the end of the period were $104.7 million, with $210.1 million in borrowings outstanding under the Third ABL Credit Agreement.
The company redeemed the entire $400 million principal amount of its 7.875% Senior Secured Notes in August 2024 using cash on hand and borrowings from its revolving credit facility.
G-III Apparel Group continues to focus on expanding its brand portfolio and distribution channels, with recent investments in AWWG and new license agreements for brands like Nautica, Halston, and Converse.
The company identified a material weakness in its internal control over financial reporting related to information technology general controls at its KLH subsidiary, which it is currently addressing.
G-III Apparel Group does not anticipate any material changes to its risk factors as outlined in its Annual Report for the year ended January 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the G-III Apparel Group LTD. quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.