G-III Apparel Analysts Increase Their Forecasts After Upbeat Earnings

G-III Apparel Group GIII reported better-than-expected earnings for its third quarter on Tuesday.

G-III Apparel reported a third-quarter FY24 sales decline of 1% year-on-year to $1.07 billion, missing the analyst consensus of $1.13 billion. Adjusted EPS of $2.78 beat the analyst consensus of $2.06.

For fiscal 2024, the company expects net sales of approximately $3.15 billion versus the estimate of $3.30 billion (prior view: $3.30 billion). The company expects FY24 adjusted EPS of $3.90-$4.00 versus the estimate of $3.24 (prior view: $3.20-$3.30).

G-III Apparel shares fell 1.3% to close at $29.24 on Tuesday.

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These analysts made changes to their price targets on G-III Apparel following earnings announcement.

• Keybanc increased the price target on G-III Apparel from $26 to $32. Keybanc analyst Noah Zatzkin maintained an Overweight rating.
• Telsey Advisory Group raised the price target on G-III Apparel from $24 to $30. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating on the stock.
• Barclays increased the price target on G-III Apparel from $23 to $30. Barclays analyst Paul Kearney maintained an Equal-Weight rating.

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