G-III Apparel bounces back to profitability with new Chief Growth and Operations Officer

G-III Apparel declared a slight drop in net sales for the third quarter, ending October 31, reporting a 1% decrease to $1.07 billion. Alongside this, the company announced the appointment of Dana Perlman to the newly created role of chief growth and operations officer.

The company, based in New York, reported a substantial increase in the net income for the third quarter with a total of $127.6 million, equivalent to $2.74 per diluted share. This is in sharp contrast to the $61.1 million, or $1.26 per diluted share reported in the same quarter the previous year, marking a return to profit over the quarter.

Morris Goldfarb, chairman and CEO of G-III, which owns Donna Karan and Karl Lagerfeld brands among others, stated, “We left the third quarter of fiscal 2024 with a strong position in profitability, far exceeding our earnings per diluted share guidance which was driven by our strong wholesale segment, prudent inventory management and financial discipline."

Goldfarb continued, "We have succeeded in enhancing our strategic priorities considerably over the past year. We have four new growth initiatives underway to propel our business, expanding our own Donna Karan brand, securing a long-term license for Nautica in North America, a global master licensing agreement for Halston, and a multi-year outerwear license for Champion. Our robust balance sheet provides us with significant financial flexibility for business investment and exploring other opportunities.”

The company also raised its earnings per share guidance for the full fiscal year of 2024, forecasting a net income between $175 million and $180 million, or between $3.75 and $3.85 per diluted share, as well as net sales around the $3.15 billion mark.

Perlman, in her newly assigned role, will lead the main divisions of the apparel owner and licensor, overseeing strategy, finance, communications, information technology, among other operational functions at G-III. Prior to this appointment, she served 10 years at PVH Corp., following stints in investment banking at Barclays Capital, Lehman Brothers and Credit Suisse First Boston.