By
Reuters
Reuters
Published
Dec 8, 2010
Dec 8, 2010
G-III Apparel Q3 profit beats, raises FY earnings view
By
Reuters
Reuters
Published
Dec 8, 2010
Dec 8, 2010
Dec 8 - G-III Apparel Group Ltd posted a better-than-expected quarterly profit and raised its earnings view for the full year on strong demand for its brands ahead of the holiday season.
The apparel manufacturer, which licenses clothes and accessories under the Calvin Klein, Sean John, Kenneth Cole Productions Inc, Cole Haan, Guess Inc brands, expects to earn $2.73-$2.83 a share for the year, up from its earlier view of $2.60-$2.70 a share.
For the third quarter, the New York City-based company earned $42.7 million, or $2.16 a share, while analysts on average were expecting a profit of $2.09, according to Thomson Reuters.
Revenue was in line with market estimates at $450 million, up from $363.5 million last year.
G-III shares closed at $30.90 on Tuesday on Nasdaq. They have gained about 10 percent since September, when the company reported second-quarter results.
(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anne Pallivathuckal)
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