RTTNews | Sep 9, 2020 07:21AM EDT

07:21 Wednesday, September 9, 2020 (RTTNews.com) - G-III Apparel Group, Ltd. (GIII) reported a second quarter net loss of $0.31 per share, compared to net income of $0.23 per share, last year. The company noted that net loss for the quarter included net losses from the Wilsons Leather and G.H. Bass operations of $0.53 per share. On average, ten analysts polled by Thomson Reuters expected the company to report a loss per share of $0.77, for the quarter. Analysts' estimates typically exclude special items.

Second quarter net sales decreased 53.8% to $297.2 million from $643.9 million, last year. Analysts expected revenue of $327.39 million, for the quarter.

"We refinanced our balance sheet and extended the maturity of our revolving credit facility and term debt to 2025. In addition, the closure of Wilsons Leather and G.H. Bass stores, expected to be completed by the end of this fiscal year, will result in the elimination of significant operating losses," Morris Goldfarb, CEO, said.

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