U.S. News

G-III Apparel Third-Quarter Profit Leaps


G-III Apparel Group, a maker of clothing for private labels such as Calvin Klein, Kenneth Cole and Tommy Hilfiger, said Wednesday its third-quarter profit surged 57%, helped by a sharp rise in sales.

Net income for the quarter was $23.3 million, or $1.59 a share, up from $14.8 million, or $1.15 a share, last year. Revenue was $244.7 million, up 31% from $186.6 million last year.

Looking forward, the company lifted its full-year earnings expectations to between 90 cents and 95 cents a share, up from previous guidance of 63 to 67 cents a share. The outlook excludes certain charges and expenses related to two acquisitions.

Revenue for the year is expected to reach $430 million, up from a previous forecast for $410 million.