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Express Achieves Growth in Third Quarter E-Commerce Sales; G-III Revises FY 2017 Outlook

G-III Apparel Group

G-III Apparel Group updated its financial guidance following the Donna Karan International acquisition. After reporting net sales of $883 million and a net income of $70.6 million for the third quarter of fiscal 2017, the company revised its outlook. For the full fiscal year ending Jan. 31, 2017, G-III Apparel Group predicted net sales of approximately $2.43 billion and a net income between $67 million and $72 million, due to additional professional fees from the takeover. G-III Apparel Group also projected an adjusted EBIDTA of approximately $171 million for fiscal year 2017, which was significantly lower than fiscal year 2016’s adjusted EBIDTA of $210 million.

Express

Express experienced a decrease in net sales for the third quarter, which ended Oct. 29, 2016. Net sales were down by seven percent ($506.1 million) compared to the third quarter of 2015 ($546.6 million). The company’s third quarter net income was $11.6 million, which was significantly lower than third quarter 2015’s net income of $26.3 million. Although total inventory was down six percent for third quarter 2016, Express boosted their e-commerce sales by 15 percent to $96.3 million after improving brand projection and consumer acquisition efforts.

New York & Company

New York & Company reported a decrease in net sales and comparable store sales for the third quarter, which ended Oct. 31, 2016. Net sales were $213.9 million compared to $219.8 million last year, meanwhile comparable store sales were down 0.7% as the company’s e-commerce business experienced steady growth.  For the fourth quarter of fiscal year 2016, New York & Company projected a slight decline in net sales and comparable store sales. The predictions reflect the company’s decreased store count, which was greatly impacted by the company’s success of its online retail arm. New York & Company also expects to conclude fiscal year 2016 with 2 store openings, 50 converted Outlet stores and the closure of 21 other locations.