G-III Apparel Group (NASDAQ:GIII) Updates FY 2024 Earnings Guidance

G-III Apparel Group (NASDAQ:GIII – Get Rating) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.55-$2.65 for the period, compared to the consensus estimate of $3.10. The company issued revenue guidance of $3.23 billion-$3.23 billion, compared to the consensus revenue estimate of $3.18 billion. G-III Apparel Group also updated its FY24 guidance to $2.55-2.65 EPS.

G-III Apparel Group Trading Down 1.6 %

Shares of GIII opened at $15.03 on Friday. The firm has a market cap of $713.77 million, a price-to-earnings ratio of -5.15, a PEG ratio of 0.39 and a beta of 2.65. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.68 and a current ratio of 3.09. G-III Apparel Group has a fifty-two week low of $11.60 and a fifty-two week high of $31.70. The firm has a 50 day moving average price of $15.97 and a 200-day moving average price of $16.55.

G-III Apparel Group (NASDAQ:GIII – Get Rating) last issued its earnings results on Thursday, March 16th. The textile maker reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). The firm had revenue of $854.20 million during the quarter, compared to analysts’ expectations of $769.28 million. G-III Apparel Group had a positive return on equity of 8.79% and a negative net margin of 4.12%. The firm’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.98 earnings per share. As a group, equities research analysts forecast that G-III Apparel Group will post 2.6 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GIII. CL King downgraded shares of G-III Apparel Group from a buy rating to a neutral rating and reduced their price objective for the company from $28.00 to $22.00 in a research report on Thursday, December 1st. Piper Sandler reduced their price objective on shares of G-III Apparel Group from $22.00 to $16.00 and set a neutral rating on the stock in a research report on Wednesday, December 21st. StockNews.com began coverage on shares of G-III Apparel Group in a research report on Thursday. They set a sell rating on the stock. Telsey Advisory Group reissued a market perform rating and set a $14.00 price objective on shares of G-III Apparel Group in a research report on Monday, March 13th. Finally, Barclays boosted their target price on shares of G-III Apparel Group from $13.00 to $15.00 and gave the company an equal weight rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, G-III Apparel Group currently has an average rating of Hold and an average price target of $19.38.

Institutional Trading of G-III Apparel Group

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its stake in G-III Apparel Group by 3.0% in the 1st quarter. BlackRock Inc. now owns 7,583,681 shares of the textile maker’s stock worth $205,139,000 after purchasing an additional 218,715 shares in the last quarter. Vanguard Group Inc. boosted its stake in G-III Apparel Group by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 4,874,631 shares of the textile maker’s stock worth $131,858,000 after purchasing an additional 332,865 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in G-III Apparel Group by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,299,935 shares of the textile maker’s stock worth $89,266,000 after purchasing an additional 37,415 shares in the last quarter. Madison Avenue Partners LP bought a new position in G-III Apparel Group in the 4th quarter worth about $25,716,000. Finally, State Street Corp boosted its stake in G-III Apparel Group by 1.7% in the 2nd quarter. State Street Corp now owns 1,674,108 shares of the textile maker’s stock worth $33,867,000 after purchasing an additional 28,751 shares in the last quarter. Institutional investors own 88.79% of the company’s stock.

G-III Apparel Group Company Profile

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G-III Apparel Group Ltd. engages in the designing, sourcing, and marketing of women’s apparel. The firm’s product range includes outerwear, dresses, sportswear, swimwear, women’s suits and performance wear, as well as handbags, footwear, small leather goods, cold weather accessories, and luggage. It operates through the Wholesale and Retail segments.