G-III Apparel Group, LTD. stock price

G-III Apparel Group, LTD. latest news:

  • 12/05/2017 05:23:12

    G-III Apparel shares surge 6% premarket after profit beat and raised guidance

    G-III Apparel Group Ltd. shares surged 6% in premarket trade Tuesday, after the company topped profit estimates for the third quarter and raised its guidance for the full year. The company said it had net income of $81.6 million, or $1.65 a share, in the quarter, up from $70.6 million, or $1.50 a share, in the year-earlier period. Excluding charges relating to the acquisition of Donna Karan International which closed in December of 2016, the company had EPS of $1.67, well ahead of the $1.54 FactSet consensus. Sales rose 16% to $1.02 billion, compared with a FactSet consensus of $1.03 billion. The company said it is now raising its full-year profit guidance and expects EPS of $1.33 to $1.43, up from prior guidance of $1.11 to $1.21. Adjusted EPS is forecast at $1.42 to $1.52, up from prior guidance of $1.28 to $1.38. The company is expecting operating losses of about $23.9 million and additional interest expense of $22.8 million relating to the Donna Karan business. Shares have gained 2% in 2017 through Monday's close, while the S&P 500 has gained 18%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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