G-III Apparel Group (NASDAQ:GIII) Updates Q2 2023 Earnings Guidance

G-III Apparel Group (NASDAQ:GIIIGet Rating) issued an update on its second quarter 2023 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.45-$0.55 for the period, compared to the consensus earnings per share estimate of $0.38. The company issued revenue guidance of $600.00 million-$600.00 million, compared to the consensus revenue estimate of $537.81 million. G-III Apparel Group also updated its FY 2023 guidance to $4.40-$4.50 EPS.

Several equities analysts recently issued reports on the company. TheStreet upgraded G-III Apparel Group from a c+ rating to a b- rating in a research report on Friday, April 1st. Barclays reiterated an equal weight rating and issued a $22.00 price objective on shares of G-III Apparel Group in a research report on Wednesday, June 15th. Telsey Advisory Group decreased their price objective on G-III Apparel Group from $38.00 to $30.00 and set a market perform rating for the company in a research report on Monday, March 14th. StockNews.com lowered G-III Apparel Group from a buy rating to a hold rating in a research report on Wednesday, June 8th. Finally, B. Riley reduced their price target on G-III Apparel Group from $41.00 to $37.00 and set a buy rating for the company in a research report on Wednesday, June 8th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $29.67.

NASDAQ:GIII opened at $21.14 on Tuesday. G-III Apparel Group has a twelve month low of $20.14 and a twelve month high of $35.12. The company has a quick ratio of 2.36, a current ratio of 3.58 and a debt-to-equity ratio of 0.33. The business has a 50 day moving average price of $25.56 and a two-hundred day moving average price of $26.70. The company has a market cap of $1.02 billion, a P/E ratio of 5.09 and a beta of 2.52.

G-III Apparel Group (NASDAQ:GIIIGet Rating) last released its quarterly earnings results on Tuesday, June 7th. The textile maker reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. G-III Apparel Group had a return on equity of 14.09% and a net margin of 6.98%. The firm had revenue of $688.80 million during the quarter, compared to the consensus estimate of $597.35 million. During the same quarter in the prior year, the firm posted $0.53 EPS. The business’s revenue was up 32.5% on a year-over-year basis. As a group, analysts anticipate that G-III Apparel Group will post 4.47 earnings per share for the current fiscal year.

In other news, CFO Neal Nackman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 29th. The stock was sold at an average price of $29.06, for a total transaction of $435,900.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 9.60% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Great West Life Assurance Co. Can raised its stake in G-III Apparel Group by 1.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 39,973 shares of the textile maker’s stock valued at $1,112,000 after acquiring an additional 428 shares during the period. California State Teachers Retirement System raised its stake in G-III Apparel Group by 0.9% in the 4th quarter. California State Teachers Retirement System now owns 60,615 shares of the textile maker’s stock valued at $1,675,000 after acquiring an additional 555 shares during the period. Rhumbline Advisers raised its stake in G-III Apparel Group by 1.0% in the 1st quarter. Rhumbline Advisers now owns 128,545 shares of the textile maker’s stock valued at $3,477,000 after acquiring an additional 1,263 shares during the period. Vident Investment Advisory LLC raised its stake in G-III Apparel Group by 3.3% in the 4th quarter. Vident Investment Advisory LLC now owns 47,702 shares of the textile maker’s stock valued at $1,318,000 after acquiring an additional 1,524 shares during the period. Finally, Citigroup Inc. raised its stake in G-III Apparel Group by 4.6% in the 1st quarter. Citigroup Inc. now owns 43,549 shares of the textile maker’s stock valued at $1,178,000 after acquiring an additional 1,930 shares during the period. Institutional investors and hedge funds 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.

Further Reading

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

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