=G-III Apparel (GIII) reported earnings Tue 30 Aug 2016 (b/o)

G-III Apparel misses by $0.17, misses on revs; guides Q3 EPS and below consensus; lowers FY17 EPS and rev below consensus; sees rev doubling to $5 bln in five years :

• Reports Q2 (Jul) earnings of $0.01 per share, excluding non-recurring items, $0.17 worse than the Capital IQ Consensus of $0.18; revenues fell 6.7% year/year to $442.3 mln vs the $484.85 mln Capital IQ Consensus. 
  • Strength in non-outerwear offset by reduced outerwear deliveries.
• Co issues downside guidance for Q3, sees EPS of $1.50-1.60, excluding non-recurring items, vs. $2.02 Capital IQ Consensus Estimate; sees Q3 revs of $940 mln vs. $1.01 bln Capital IQ Consensus Estimate.
• Co issues downside guidance for FY17, lowers EPS to $2.20-2.30 from $2.55-2.65, excluding non-recurring items, vs. $2.58 Capital IQ Consensus; lowers FY17 revs to $2.48 bln from $2.56 bln vs. $2.56 bln Capital IQ Consensus. The Company is now projecting adjusted EBITDA for fiscal 2017 to decrease from the prior year between 2% and 5% to between ~$199 million and $206 million vs. $210.1 mln last year. Adjusted EBITDA for fiscal 2017 does not reflect the significant additional expenses related to this acquisition of Donna Karan that the Company expects to incur in the second half of the fiscal year.