G-III Apparel, an apparel-maker that licenses brands such as Levi's, Calvin Klein, Kenneth Cole and dozens of other popular names, saw its shares fall to near four-year lows Monday after a weak earnings report.
The stock fell more than 14 percent, its worst single-day performance since Aug. 30, 2016, when it plunged over 20 percent. The latest drop brought shares of G-III to lows not seen since April 2013.
For the fourth quarter, the company reported a greater-than-expected earnings loss of 16 cents a share, as well as lower-than-expected sales of $603.3 million. A consensus of analysts polled by Thomson Reuters had expected an earnings loss of 10 cents per share on revenue of $622.8 million.
G-III said it expects diluted earnings of 80 to 90 cents a share for the current fiscal year. The Thomson Reuters consensus had expected earnings of $1.34 per share.
"While our near-term financial outlook reflects the dilutive impact of our recent acquisition of Donna Karan, we believe the mid-year re-launch of the DKNY and Donna Karan brands will have a positive impact in the second half of the year," CEO Morris Goldfarb said in a release.
Two-day performance of G-III
With the day's moves, shares of G-III are down more than 56 percent over the past 12 months.
Correction: This story has been updated to reflect that G-III is an apparel-maker that licenses Levi's, Calvin Klein, Kenneth Cole and dozens of other popular names.