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G-III Apparel Group LTD. (GIII-1.86%) has released its annual report for the fiscal year ended January 31, 2025. The report is available for review filing.
The company reported net sales of $3.18 billion, an increase from $3.10 billion in the previous year. This growth was primarily driven by an increase in sales of DKNY, Donna Karan, and Karl Lagerfeld products.
Net income for the fiscal year was $193.6 million, compared to $176.2 million in the prior year. The increase in net income was attributed to higher sales and improved gross profit margins.
G-III's wholesale operations segment reported net sales of $3.08 billion, up from $3.01 billion in the previous year. The segment's growth was fueled by successful product launches and increased demand for owned brands.
The retail operations segment saw an increase in net sales to $166.5 million from $148.4 million. The growth was driven by higher sales in Karl Lagerfeld Paris and DKNY stores, with strong double-digit growth in comparable store sales.
The company reported a gross profit of $1.30 billion, or 40.8% of net sales, compared to $1.24 billion, or 40.1% of net sales, in the previous year. The improvement in gross profit margin was due to a favorable product mix and increased sales of owned brands.
Selling, general and administrative expenses increased to $969.8 million from $924.2 million, primarily due to higher advertising and compensation expenses.
G-III Apparel Group continued to focus on expanding its brand portfolio, entering into new licensing agreements for brands such as Nautica, Halston, and Champion, and investing in international growth opportunities.
The company successfully refinanced its credit facility, increasing the borrowing capacity to $700 million and extending the maturity date to June 2029.
G-III Apparel Group's strategic priorities include driving growth of owned brands, building a complementary portfolio of licensed brands, and expanding global reach.
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. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.