G-III Apparel shares pop despite disappointing earnings

Signage for Calvin Klein Inc. is displayed at a store inside the Westfield Sydney shopping center.
Brendon Thorne | Bloomberg | Getty Images
Signage for Calvin Klein Inc. is displayed at a store inside the Westfield Sydney shopping center.

G-III Apparel shares rose on Friday despite the company reporting disappointing earnings after the close Thursday.

The apparel company's shares initially fell 16 percent in after-hours trade Thursday but reversed to briefly climb more than 6 percent Friday. They closed about 3 percent higher.

This occurred after G-III Apparel reported third quarter earnings per share of $1.50, which missed the $1.54 a share consensus estimate for the quarter. Third-quarter earnings were lower than the earnings per share of $1.85 during the same period last year.

According to FactSet, 14.1 percent of shares available for trading were sold short, or in anticipation of share price decline.