RTTNews | Jun 7, 2021 10:13AM EDT

10:12 Monday, June 7, 2021 (RTTNews.com) - Shares of G-III Apparel Group, Ltd. (GIII) are rising more than 11% Monday morning following upbeat first-quarter results. Also, the company's full-year outlook comes in better than analysts' view.

The Company reported net income for the first quarter of $26.3 million, or $0.53 per share, compared with net loss of $39.3 million, or $0.82 per share a yer ago. On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share.

Net sales for the quarter increased 28.3% to $519.9 million from $405.1 million in the prior year's quarter. The consensus estimate stands at $462.03 million.

Looking forward, the company sees second-quarter net sales to be about $460 million and earning per share to be in the range of $0.03 to $0.13. Analysts expect the company to report earnings of $0.07 per share on revenue of $462.03 million for the quarter.

For fiscal year 2022, net sales are expected to be about $2.57 billion and earnings to be between $2.60 per share and $2.70 per share. The consensus estimate for earnings is at $2.41 per share and revenue is at $2.53 billion.

GIII touched a new high of $35.80 this morning, before slipping to trade at $35.19 currently.

Read the original article on RTTNews ( https://www.rttnews.com/3200453/stock-alert-g-iii-apparel-group-gains-11-on-upbeat-results-guidance.aspx)

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