G-III Apparel Group reports Q2 FY21 sales of $297 mn

G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 53.8 per cent sales decline to $297.2 million in its second quarter (Q2) fiscal 2021 ended on July 31, compared to the sales of $643.9 million in the same period last year. Company incurred a net loss of $15.0 million compared to net income of $11.1 million in Q2 FY20.

 

G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 53.8 per cent sales decline to $297.2 million in its second quarter (Q2) fiscal 2021 ended on July 31, compared to the sales of $643.9 million in the same period last year. Company incurred a net loss of $15.0 million compared to net income of $11.1 million in Q2 FY20.#

“The pandemic has had a major impact on the fashion industry and our second quarter results. Our customers now prefer casual, comfortable and functional attire. Through our broad range of brands and product categories, G-III is able to capitalise on these changing trends,” Morris Goldfarb, G-III’s chairman and chief executive officer, said in a press release.

 

G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 53.8 per cent sales decline to $297.2 million in its second quarter (Q2) fiscal 2021 ended on July 31, compared to the sales of $643.9 million in the same period last year. Company incurred a net loss of $15.0 million compared to net income of $11.1 million in Q2 FY20.#

Gross profit for the quarter was down to $134.6 million (Q2 FY20: $231.7 million). Selling, general and administrative expenses were $122.1 million ($196.4 million). G-III Apparel registered an operating loss of $11.4 million compared to operating income of $26.9 million in second quarter FY20.

 

G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 53.8 per cent sales decline to $297.2 million in its second quarter (Q2) fiscal 2021 ended on July 31, compared to the sales of $643.9 million in the same period last year. Company incurred a net loss of $15.0 million compared to net income of $11.1 million in Q2 FY20.#

As company previously announced it is restructuring the retail operations segment, which includes permanently closing 110 Wilsons Leather and 89 GH Bass stores. Like most retail stores, these stores were closed in mid-March in connection with the Covid-19 pandemic and did not begin to reopen until June.

 

G-III Apparel Group, a US-based designer of apparel under owned label brands, has reported 53.8 per cent sales decline to $297.2 million in its second quarter (Q2) fiscal 2021 ended on July 31, compared to the sales of $643.9 million in the same period last year. Company incurred a net loss of $15.0 million compared to net income of $11.1 million in Q2 FY20.#

“The closure of Wilsons Leather and GH Bass stores, expected to be completed by the end of this fiscal year, will result in the elimination of significant operating losses. I am confident that as we navigate through the pandemic, our financial strength and dedicated management team will further advance our leadership position and set the stage for future market share gains,” Goldfarb said.