G-III Apparel returns to profit; recruits first-ever chief growth, operations officer

G-III Apparel announced on Tuesday net sales for the third quarter ended October 31 decreased 1% to $1.07 billion, adding the U.S. firm has appointed Dana Perlman as its first-ever chief growth and operations officer.

The New York-based company reported net income for the third quarter of $127.6 million, or $2.74 per diluted share, compared to $61.1 million, or $1.26 per diluted share, in the prior year’s quarter, returning to profit during the three months.

“For the third quarter of fiscal 2024, we delivered strong profitability, well exceeding our earnings per diluted share guidance, driven by strength across our wholesale segment, our prudent inventory management and our financial discipline,” ​​said Morris Goldfarb, chairman and chief executive officer, G-III, which owns the Donna Karan and Karl Lagerfeld brands, among others.

“Over the last twelve months, we have made significant progress accelerating our strategic priorities. We are developing and are on track with four new growth initiatives to drive our business including the expansion of our owned Donna Karan brand, a long-term license for Nautica in North America, a master global licensing agreement for Halston, and a multi-year outerwear license for Champion. The strength of our balance sheet affords us tremendous financial flexibility to invest in our business and consider additional opportunities.”

Looking ahead, the company said it is raising its full year earnings per share guidance for fiscal 2024 and expects net income between $175 million and $180 million, or between $3.75 and $3.85 per diluted share, with net sales of approximately $3.15 billion.

In the newly created role, Perlman’s appointment looks to spearhead the apparel owner and licensor’s main divisions, overseeing strategy, finance, communications, information technology, and other operating functions at G-III. Previously, she spent 10 years at PVH Corp. and before that, held several roles in investment banking at Barclays Capital, Lehman Brothers and Credit Suisse First Boston.