Benzinga | Sep 2, 2021 03:22PM EDT

G-III Apparel Q2 Sales Top Estimates, Lifts FY22 Outlook

* G-III Apparel Group Ltd (NASDAQ:GIII) reported second-quarter FY22 sales growth of 62.5% year-on-year, to $483.08 million, beating the analyst consensus of $468.85 million.

* The gross profit increased 43.2% Y/Y to $192.8 million with a profit margin of 39.9%.

* The operating margin was 8.1%, and operating income for the quarter was $38.9 million.

* The company held $509.9 million in cash and equivalents as of July 31, 2021.

* EPS was $0.39 versus $(0.31) last year.

* Outlook: G-III raised FY22 sales guidance to $2.7 billion (prior $2.57 billion) versus the consensus of $2.57 billion.

* The company raised FY22 EPS view to $3.10 - $3.20 (prior $2.60 - $2.70) versus the consensus of $2.68.

* For Q3, G-III expects net sales of $1.00 billion, above the consensus of $972.45 million. Q3 EPS of $1.65 - $1.75, above the consensus of $1.64.

* Price Action: GIII shares are trading higher by 0.25% at $32.64 on the last check Thursday.