G-III Apparel Group (NASDAQ:GIII) Updates FY 2023 Earnings Guidance

Posted by on Jun 7th, 2022

G-III Apparel Group (NASDAQ:GIII – Get Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.40-$4.50 for the period, compared to the consensus earnings per share estimate of $4.08. The company issued revenue guidance of $3.24 billion-$3.24 billion, compared to the consensus revenue estimate of $3.02 billion.G-III Apparel Group also updated its FY23 guidance to $4.23-4.33 EPS.

Several equities analysts have recently weighed in on the company. TheStreet upgraded G-III Apparel Group from a c+ rating to a b- rating in a report on Friday, April 1st. StockNews.com upgraded G-III Apparel Group from a hold rating to a buy rating in a report on Tuesday, May 10th. Finally, Telsey Advisory Group dropped their target price on G-III Apparel Group from $38.00 to $30.00 and set a market perform rating on the stock in a research report on Monday, March 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $33.00.

NASDAQ:GIII traded up $0.45 during trading hours on Tuesday, reaching $27.81. The stock had a trading volume of 8,030 shares, compared to its average volume of 569,546. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.23 and a current ratio of 3.24. G-III Apparel Group has a 52 week low of $20.40 and a 52 week high of $35.80. The company has a 50 day moving average price of $26.41 and a two-hundred day moving average price of $27.22. The stock has a market capitalization of $1.34 billion, a PE ratio of 6.74 and a beta of 2.52.

G-III Apparel Group (NASDAQ:GIII – Get Rating) last released its quarterly earnings data on Thursday, March 17th. The textile maker reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.34. G-III Apparel Group had a return on equity of 13.97% and a net margin of 7.25%. The business had revenue of $748.20 million for the quarter, compared to the consensus estimate of $740.17 million. During the same quarter in the previous year, the company posted $0.47 EPS. The company’s revenue was up 42.2% compared to the same quarter last year. Equities research analysts predict that G-III Apparel Group will post 4.27 EPS for the current year.

In related news, CFO Neal Nackman sold 15,000 shares of the business’s stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $29.06, for a total transaction of $435,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Sammy Aaron sold 60,000 shares of the business’s stock in a transaction on Tuesday, March 22nd. The shares were sold at an average price of $29.82, for a total value of $1,789,200.00. The disclosure for this sale can be found here. Insiders own 9.60% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of GIII. Wasatch Advisors Inc. purchased a new stake in shares of G-III Apparel Group in the 1st quarter worth $28,890,000. Goldman Sachs Group Inc. lifted its holdings in shares of G-III Apparel Group by 590.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,172,073 shares of the textile maker’s stock worth $32,396,000 after buying an additional 1,002,261 shares during the period. Norges Bank purchased a new stake in shares of G-III Apparel Group in the 4th quarter worth $11,881,000. Vanguard Group Inc. lifted its holdings in shares of G-III Apparel Group by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 4,874,631 shares of the textile maker’s stock worth $131,858,000 after buying an additional 332,865 shares during the period. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of G-III Apparel Group in the 1st quarter worth $8,968,000. Institutional investors own 92.61% of the company’s stock.

About G-III Apparel Group (Get Rating)

G-III Apparel Group, Ltd. designs, sources, and markets women's and men's apparel in the United States and internationally. The company operates through two segments, Wholesale Operations and Retail Operations. Its products include outerwear, dresses, sportswear, swimwear, women's suits, and women's performance wear; and women's handbags, footwear, small leather goods, cold weather accessories, and luggage.

See Also

Earnings History and Estimates for G-III Apparel Group (NASDAQ:GIII)

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