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In a release on September 3, the Company noted that for the three months ended July 31, net sales increased by 19.8 percent to $135.9 million from $113.5 million in last year's comparable quarter. The Company reported a net loss of $2.8 million, or $0.17 per share, for the three months ended July 31, compared to a net loss of $3.9 million, or $0.23 per share, in the same period last year. The Company noted that this improved bottom-line performance occurred notwithstanding the seasonal losses associated with the Company's Wilsons retail outlet business, which were only included for three weeks in the year-ago results.
Morris Goldfarb, Chairman and Chief Executive Officer, said, "We are pleased with the performance of our business during the quarter. We saw strong results from our dress and sportswear businesses. At the same time, we built our order book to expected levels and are positioned well for the upcoming fall season in outerwear, dresses, sportswear and suits."
Goldfarb continued, "Our inventory is in good shape and we expect a good second half performance in our wholesale business. Our licensed business, our company-owned brands, and our private label programs are performing to expectations and we believe that our second half will once again demonstrate that we can produce good results even in a challenging environment. We also believe that we have made appropriate changes to the merchandise mix at our Wilsons outlet stores in order to increase our sales and productivity during the important holiday retail season. We believe Wilsons has an opportunity to see considerably improved performance compared to last year."
Goldfarb concluded, "We have continued to make strides toward our long-term goal of building G-III into an all season diversified apparel company. Even while we have streamlined our infrastructure, we have at the same time continued to invest in our sportswear, dress and suit businesses to support the growth we are experiencing and believe will continue. We are pleased to remain in a position to drive excellent value to consumers across all tiers of distribution and to deliver value to our shareholders."
Outlook
For the full fiscal year ending January 31, 2010, the Company expects net sales of approximately $770 million, net income in the range of $16.6 million to $18.4 million, and diluted net income per share between $0.95 and $1.05. The Company is also forecasting EBITDA for the fiscal year ending January 31, 2010 to increase approximately 10 percent to 18 percent to a range of approximately $40.2 to $43.2 million. EBITDA should be evaluated in light of the Company's financial results prepared in accordance with GAAP.
G-III is a manufacturer and distributor of outerwear, dresses, sportswear and women's suits under licensed brands, our own brands and private label brands.
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