G-III Apparel falls after Q2 sales miss estimates
GIII•Shares fall after quarterly sales miss
Shares of fashion apparel firm G-III Apparel GIII.O fell about 8% to $29.67 premarket after the company reported second-quarter net sales of $554.1 million versus analysts' estimate of $568.4 million, according to data compiled by LSEG.
The company posted second-quarter adjusted earnings of 26 cents per share, compared with analysts' estimate of 19 cents.
Gross margin improves and full-year EPS outlook rises
Second-quarter gross margin increased 440 basis points to 45.2%, due to a price increase and a shift toward its higher-margin brands.
G-III expects annual adjusted EPS in the range of $2.20 to $2.30, compared with its previous projection of $2.15 to $2.25, driven by substantial gross margin expansion. It maintained its annual net sales target of $2.71 billion.
As of the last close, the stock was up 11% year to date.
