G-III Apparel Group (NASDAQ:GIII) announced its latest earnings, which exceeded profit expectations. For the third quarter, the company reported an earnings per share (EPS) of $2.78, which was $0.73 higher than the analyst estimate of $2.05. However, the company’s revenue for the quarter was $1.07 billion, which fell short of the Street estimate of $1.13 billion and was slightly below the $1.08 billion reported in the same quarter of the previous year.
Morris Goldfarb, Chairman and Chief Executive Officer of G-III, commented on the company’s performance, stating that the solid year-to-date results demonstrate G-III’s capability to successfully navigate through challenging market conditions. This success has led the company to increase its full-year earnings per share guidance.
Looking forward, G-III Apparel Group has set its fiscal year 2024 EPS forecast between $3.90 and $4.00, which is higher than the Street estimate of $3.24. The company expects its revenue for the same period to be around $3.15 billion, compared to the Street estimate of $3.297 billion.