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G-III Apparel Net Sales Up 34% in Q1

In a quarter where most brands experienced under par sales performance, G-III Apparel Group, Ltd managed to post a net sales increase of 34 percent to $366.2 million for the quarter ended April 30, 2014.

Boosted by a notable increase in sales across all categories, G-III Apparel said its fiscal first quarter earnings increased 15 percent, outpacing its own expectations and raising its outlook for the current fiscal year. Net income for the first quarter was $1.3 million compared to $1.1. million in the prior year’s comparable period.

And despite early setbacks, G.H. Bass, which G-III bought from PVH Corp. last November for $50 million, contributed $44.2 million in net sales. “We are pleased with the progress we are making with respect to the integration of G.H. Bass into our operational platform,” Morris Goldfarb, G-III’s chairman, chief executive officer and president said.

G.H. Bass is just one of the more than 30 brands G-III has in its diverse portfolio, spanning fashion licenses Calvin Klein, Tommy Hilfiger, Jessica Simpson and Nine West to a robust team sports roster including the National Football League, National Basketball Association, Major League Baseball and more. In addition to owning brands like G.H. Bass and Eliza J, the company also operates retail stores under the Wilsons Leather, Bass, G.H. Bass & Co., Vilebrequin, Calvin Performance and Andrew Marc names.

“Our wholesale revenues were strong, exceeding our plan across a number of important categories. We finished the quarter with good momentum, clean inventories and a solid mix of growth opportunities. There were strong performances by a number of our Calvin Klein divisions, Vilebrequin and several of our dress businesses, all of which enabled us to exceed our forecast for the first quarter,” Goldfarb revealed.

As a result, the company revised its prior guidance for the full fiscal 2015 year. It is now projecting net sales of approximately $2.06 billion, compared to its previous net sales forecast of $2.05 billion. Net income is expected to ring in between $87.9 million and $91.2 million.