Donna Karan-brand owner G-III Apparel (GI) topped fiscal third-quarter 2024 earnings expectations, with profit ballooning 121%, and increased its full-fiscal year guidance early Tuesday.
The DKNY and Donna Karan-parent company saw EPS grow 121% to $2.78, beating estimates, while revenue declined around 1% to $1.067 billion, coming in below Wall Street predictions. G-III also raised its fiscal-year EPS forecast, expecting $3.90-$4 per share earnings.
The Donna Karan owner previously forecasted EPS of $3.20-$3.30. Meanwhile, G-III revised its sales prediction, now expecting sales of approximately $3.15 billion, down from the prior view of $3.3 billion.
Chief Executive Morris Goldfarb said in Tuesday’s earnings statement that the company “well exceeded” its EPS expectations.
“Our solid year-to-date results showcase G-III’s ability to navigate challenging market conditions successfully and give us the confidence to raise our full-year earnings per share guidance,” Goldfarb said.
Donna Karan-Owner: Stock Performance
During Tuesday’s market action, GIII stock fell 2.2% to 28.97 after swinging higher and lower in heavy trade. Before regular work, GIII shares turned 7% higher and 5% lower in early career.
The designer clothing maker’s stock has gained nearly 120% in 2023 and has booked four consecutive monthly advances.
Meanwhile, Calvin Klein-parent company PVH (PVH) broke out above a double bottom buy point of 93.01 on Nov. 30. Shares have collected eight daily advances. However, PVH on Tuesday fell 0.5% to 103.80.
G-III designs, sources, and markets a wide range of apparel and fashion accessories. The company operates through a portfolio of more than 30 licensed and proprietary brands. G-III’s owned brands include DKNY, Donna Karan, Karl Lagerfeld, Andrew Marc, and Marc New York; the company also has fashion licenses under brands including Calvin Klein, Tommy Hilfiger, Nautica, Halston, Kenneth Cole, and Levi’s.
GIII stock has an 82 Composite Rating out of a best-possible 99. The shares also have a 98 Relative Strength Rating, and the company has a 34 EPS Rating.