G-III Apparel beats by $0.07, reports revs in-line; lowers FY16 EPS in-line, reaffirms FY16 rev; adds 1.25 mln shares to buyback:
- Reports Q3 (Oct) earnings of $1.85 per share, excluding non-recurring items,$0.07 better than the Capital IQ Consensus of $1.78; revenues rose 12.0% year/year to $909.9 mln vs the $913.12 mln Capital IQ Consensus.
- Co issues guidance for FY16, lowers EPS to $2.65-2.80 from $2.78-2.88, excluding non-recurring items, vs. $2.67 Capital IQ Consensus Estimate; reaffirms FY16 rev ~$2.4 bln vs. $2.39 bln Capital IQ Consensus.
- Board of Directors had reapproved and increased the previously authorized share repurchase program. There were 3,750,000 shares available under the prior program which the Board has increased to 5,000,000 shares; there are 45.54 mln shares outstanding.
- "Our organic sales and profit increase clearly differentiate us as a leader in our industry. We achieved this performance in a challenging market environment. Although outerwear is off to a slow start at retail, our dress, sportswear and handbag businesses performed well in the quarter." Mr. Goldfarb continued, "We have made a guidance revision for the full year to reflect expected softness in consumer spending and reduced traffic in the fourth quarter."
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