G-III Apparel Reports FY26 Sales Drop 7% to $2.96B, Projects $2.00–$2.10 EPS in FY27
G-III Apparel’s fiscal 2026 net sales fell 7% to $2.96 billion, driven by $254 million lost PVH brand revenue and a $17.5 million bad debt charge, and GAAP EPS reached $1.51 (non-GAAP $2.61). The company ended the year with $407 million cash, returned over $50 million to shareholders, and initiated a $25 million cost-savings program.
1. Fiscal 2026 Financial Results
G-III Apparel posted full-year net sales of $2.96 billion, down 7.0% from $3.18 billion last year, with a $254 million revenue decline from exiting PVH brands. GAAP net income was $67.4 million, or $1.51 per share, and non-GAAP EPS was $2.61 after a $17.5 million bad debt expense tied to the Saks Global bankruptcy and $46.1 million of asset impairment charges.
2. Balance Sheet and Capital Allocation
The company closed the year with $406.7 million in cash and equivalents, up from $181.4 million, and reduced inventories by 3.8% to $460.0 million. Capital returned to shareholders totaled $54.0 million through $49.8 million in share repurchases and $4.2 million in dividends, and management launched initiatives targeting $25 million of run-rate savings by fiscal 2028.
3. Fiscal 2027 Outlook
For fiscal 2027, G-III expects net sales of approximately $2.71 billion, reflecting a $470 million decline from Calvin Klein and Tommy Hilfiger exits, and anticipates GAAP and non-GAAP net income of $88 million–$92 million, or $2.00–$2.10 per share. Adjusted EBITDA is projected at $158 million–$162 million and first-quarter sales around $530 million with a net loss of $13 million–$18 million.