The American apparel company, parent to the DKNY and Donna Karan brands, reported a 28.3 percent increase in net sales to $519.9 million in its first quarter results on Monday, up from $405.1 million from the year prior. As a result, the company turned last year’s $39.3 million net loss to a $26.3 million profit.
G-III has a full fiscal year outlook of revenues of about $2.57 billion, compared with $2.06 billion during the 2021 fiscal year.
As lockdowns have lifted and stores have reopened, G-III reported the accelerating trends of broader lifestyle apparel sales, including the return of workwear. “We believe these trends provide a good indication for the remainder of the year and give us confidence that we and our industry are well on our way to recovery,” said chairman and chief executive Morris Goldfarb.
G-III also reported the completion of the restructuring of its retail operations segment. It permanently closed the Wilsons Leath and G.H. Bass stores last year.