A recent report from Coresight Research reveals, Q3 net income of G-III Apparel Group, which designs, sources and markets apparel and accessories under various owned and licensed brands, rose to $94 million from $81.6 million a year ago. The group raised its full fiscal year guidance as a result of its better-than-expected third quarter results. For the period, which concludes next month, G-III now expects net sales of approximately $3.08 billion and net income between $132 million and $137 million.
The group has the most substantial exposure to China of all the apparel companies analysed, with 65 per cent of its products sourced from China, down from 78 per cent in fiscal year 2016. The third quarter net sales of the group rose by 4.7 per cent to $1.07 billion from $1.02 billion in the year-ago period, missing Wall Street's expectations of $1.08 billion.
