The company, which owns DKNY and produces for Tommy Hilifger, found its footing the pandemic to come charging back.
The fashion mainstay’s fourth-quarter net income jumped to $48.4 million, or 98 cents per diluted share, from $14.6 million, or 30 cents, a year earlier.
Sales for the three months ended Jan. 31 jumped 42 percent to $748.2 billion from $526.2 million as consumers — and the fashion industry — found their footing in the midst of the COVID-19 pandemic. For the full year, G-III’s profits increased dramatically to $200.6 million, or $4.05 a diluted share, compared to profits of $23.5 million, or 48 cents, in 2020. Sales increased 35 to $2.77 billion from $2.06 billion.
Morris Goldfarb, chairman and chief executive officer, said: “Fiscal year 2022 was a testament to the power of G-III. We continued to build upon our strong foundation and delivered our highest annual net income per diluted share in our company’s history. We captured market share by anticipating demand and working with retail partners, despite the significant supply chain challenges. We are in a strong financial position affording us the flexibility to continue to invest in our future.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Savannah Guthrie celebrates wedding anniversary with gorgeous then-and-now picsEight years and two kids later, the couple is as in love as ever.
Read more »
Michigan Hires First Female Graduate Assistant in Power 5Jim Harbaugh announced Tuesday that the program hired Milan Bolden-Morris to join the Wolverines football staff
Read more »
Beloved Broadway singing coach dies after hard shove in ManhattanBarbara Maier Gustern, a celebrated Broadway singing coach who worked with the likes of Debbie Harry, Justin Vivian Bond & Taylor Mac, has died after being shoved to the ground in Manhattan last week. She was 87. Police are still searching for the suspect.
Read more »
Cypress Hill Spark Another OneAhead of their new album, TheeMaxB spoke with cypresshill about their stories career and what lies ahead ahead of their album that's out tomorrow
Read more »
A new study gives many Alaska communities their first look at how fast erosion is approachingA new study forecasts the potential impacts of erosion in 48 Alaska coastal communities. The results are both surprising communities and helping them get funding to adapt.
Read more »
Short-handed Clippers edged by surging RaptorsPrecious Achiuwa blocks Marcus Morris Sr.’s 3-point attempt with 1.3 seconds left as Toronto wins its fifth in a row, 103-100, and drops the Clippers back to .500.
Read more »