G-III Apparel is feeling the positive effects of consumer demand for sportswear and outerwear. The clothing manufacturer and distributor, which has licenses with fashion brands Calvin Klein, Tommy Hilfiger and Kenneth Cole, and sports leagues including the NFL and NBA, posted $80.6 million in third quarter profit. Third quarter revenue grew 21.5% to $812.3 million.
The company has gone on to increase its revenue guidance from $2.11 billion to $2.13 billion for fiscal 2015.
Morris Goldfarb, G-III chairman, chief executive officer and president, said the company’s outerwear shipments were strong and performed well at retail. “We experienced growth in several other areas of our business. Our sportswear and dress businesses also contributed to our increased sales and earnings. We believe we are well positioned for the remainder of the year,” he added.
G-III Apparel’s Calvin Klein business reported a 3 percent Q3 revenue increase, while Tommy Hilfiger grew 1 percent, and its Heritage Brands increased 3 percent. Roughly $66 million in net sales alone was from the company’s newest acquisition G.H. Bass, which G-III purchased from PVH last November.
As for the holiday, Goldfarb expects a good season for both G-III Apparel and retailers. He said, “Diversification across channels is supported by a strong brand portfolio that has resulted in our significant growth over the past several years. Our team and culture have never been more energized and we remain focused on continuing to implement successful business strategies and creating value for our shareholders.”