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Last Update: 08-Dec-11 09:45 ET
G-III Apparel Trades +15% Following Yesterday's News/Earnings Results
G-III Apparel (GIII $23.46 +3.10) is trading higher by about 15% this morning following yesterday's earnings and news of a receipt of a license for the development of Calvin Klein Women's performance retail stores.
After the close yesterday, the company reported third quarter earnings of $2.16 per share, $0.02 better than the Capital IQ Consensus Estimate of $2.14; revenues rose 13.3% year/year to $510 million versus the $496.95 million consensus.
For fiscal year 2012, the company lowered earnings guidance to $2.50 to 2.60 versus the $2.96 Capital IQ Consensus Estimate, down from $3.05 to $3.15; expects revenue of approx. ~$1.25 billion versus the $1.26 billion Capital IQ Consensus Estimate.
The company is now projecting EBITDA for fiscal 2012 of approx. $96.0 million to $99.0 million versus previous guidance of EBITDA of approx. $117 million to $121 million.
Separately, the company announced that it has entered into a retail store agreement with Calvin Klein, wholly owned subsidiary of PVH Corp. (PVH), to open Calvin Klein Performance stores and shop in shops for the sale of women's Calvin Klein Performance apparel in the United States and China. G-III also has rights to expand to additional countries throughout the world. Terms of the deal were not disclosed. G-III noted that this retail store license is in addition to the women's wholesale Calvin Klein Performance license that it entered into in 2007.
After the close yesterday, the company reported third quarter earnings of $2.16 per share, $0.02 better than the Capital IQ Consensus Estimate of $2.14; revenues rose 13.3% year/year to $510 million versus the $496.95 million consensus.
For fiscal year 2012, the company lowered earnings guidance to $2.50 to 2.60 versus the $2.96 Capital IQ Consensus Estimate, down from $3.05 to $3.15; expects revenue of approx. ~$1.25 billion versus the $1.26 billion Capital IQ Consensus Estimate.
The company is now projecting EBITDA for fiscal 2012 of approx. $96.0 million to $99.0 million versus previous guidance of EBITDA of approx. $117 million to $121 million.
Separately, the company announced that it has entered into a retail store agreement with Calvin Klein, wholly owned subsidiary of PVH Corp. (PVH), to open Calvin Klein Performance stores and shop in shops for the sale of women's Calvin Klein Performance apparel in the United States and China. G-III also has rights to expand to additional countries throughout the world. Terms of the deal were not disclosed. G-III noted that this retail store license is in addition to the women's wholesale Calvin Klein Performance license that it entered into in 2007.
