UPDATE: G-III Apparel Posts Upbeat Q3 Results, Raises Outlook

G-III Apparel Group GIII reported better-than-expected results for the third quarter and raised its full-year forecast. The New York-based company posted a quarterly profit of $80.6 million, or $3.53 per share, compared to $59.6 million, or $2.85 per share, in the year-ago period. Excluding certain items, the company earned $3.09 per share. Its revenue climbed 21% to $812.3 million in the period. However, analysts were expecting earnings of $2.89 per share on revenue of $802.20 million. Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, “We are pleased to report a record third quarter. Our outerwear shipments were strong and that business performed well at retail. We experienced growth in several other areas of our business. Our sportswear and dress businesses also contributed to our increased sales and earnings. We believe we are well positioned for the remainder of the year.” G-III Apparel now projects full-year earnings of $4.20 to $4.35 per share. It now expects sales of $2.13 billion, versus prior forecast of $2.11 billion. Analysts expected earnings of $4.10 per share on revenue of $2.11 billion. G-III Apparel shares gained 1.18% to close at $84.36 yesterday.