Why Are G-III Apparel Shares Soaring Today

G-III Apparel Group Ltd GIII reported fourth-quarter FY22 sales growth of 42% year-on-year, to $748.15 million, beating the consensus of $741.55 million.
EPS of $0.98 beat the consensus of $0.64.
The gross profit rose 34.5% Y/Y to $252.3 million, with the margin contracting 192 basis points to 33.7%.
The operating margin was 9%, and operating income for the quarter rose 144.7% to $67.2 million.
The company held $465.9 million in cash and equivalents as of January 31, 2022.
Buyback: G-III board has increased the previously authorized share repurchase program, with 2.3 million shares available, to 10 million shares.
Outlook: G-III sees FY23 sales of $3 billion, against the consensus of $2.88 billion. The company expects FY23 EPS of $4.20 - $4.30, above the consensus of $3.56.
For Q1, the company sees sales of $600 million (consensus $579.85 million) and EPS of $0.50 - $0.60 (consensus $0.44).
Price Action: GIII shares are trading higher by 11.1% at $29.24 on the last check Thursday.