=G-III Apparel (GIII) reported earnings Wed 1 June 2016 (b/o)

G-III Apparel beats by $0.03, misses on revs; guides Q2 below consensus; reaffirms FY17 guidance :

• Reports Q1 (Apr) earnings of $0.06 per share, $0.03 better than the Capital IQ Consensus of $0.03; revenues rose 5.6% year/year to $457.4 mln vs the $473.22 mln Capital IQ Consensus.
• Co issues downside guidance for Q2, sees EPS of $0.15-0.19 vs. $0.20 Capital IQ Consensus Estimate; sees Q2 revs of ~$485 mln vs. $509.06 mln Capital IQ Consensus Estimate.
• Co reaffirms guidance for FY17, sees EPS of $2.55-2.65 vs. $2.58 Capital IQ Consensus Estimate; sees FY17 revs of ~$2.56 bln vs. $2.55 bln Capital IQ Consensus Estimate. 
• "Fiscal 2017 got off to a strong start in our wholesale business, particularly with respect to our Calvin Klein products and our dress businesses including Eliza J and the newly launched Tommy Hilfiger dress line. Although our own retail businesses did not perform to plan, we expect many of the measures we are taking to improve top and bottom line performance for these businesses in the second half of the year. We are looking forward to our upcoming multi-category product launches for Tommy Hilfiger, as well as further penetration and distribution of the Karl Lagerfeld brand." Mr. Goldfarb concluded, "We believe that our leadership in product design, merchandising and sourcing will continue to drive our strong sell-through performance in department stores. In spite of the challenging retail climate, we are positioned well to continue to build our wholesale business, and remain confident with respect to our financial performance and forecast for the full year."