III Apparel (GIII) Tumbles on Wider-than-Expected Q4 Loss
- Author: Sonia Alvarado Mar 29, 2017,
Mar 29, 2017, 2:00
The firm's quarterly revenue was up 14.4% compared to the same quarter past year. Outperform is an analyst recommendation meaning a stock is expected to do slightly better than the market return.
The company reported GAAP net income for the fiscal year ended January 31, 2017 of $51.9 million, or $1.10 per diluted share, compared to $114.3 million, or $2.46 per diluted share, in the prior year. It has been assigned a low target price of $22 and a high target price of $45. Including today's unusual volume, G-III Apparel Group, Ltd.'s stock is performing at -33.39% on the year. Piper Jaffray Companies set a $31.00 price target on shares of G-III Apparel Group and gave the company a "hold" rating in a research note on Monday, November 28th. The stock has a 50 day moving average price of $25.05 and a 200-day moving average price of $27.88.
Like many US apparel makers and retailers, G-III has faced sluggish mall traffic and a consumer shopping shift to the internet.
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Nonetheless, a slew of measures announced by the company, which revolves around stores closures, cost containment, real estate strategy and investment in omnichannel capabilities to enhance sales, profitability and cash flows, makes us reasonably optimistic on the stock.
CEO and President, 10% Owner, GOLDFARB MORRIS, sold 137,631 common shares of G-III Apparel Group, Ltd. (GIII) in the open market. A significant increase in trading volume means that more than double the average amount of stocks are moving.
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G-III Apparel Group (NASDAQ:GIII) last issued its earnings results on Monday, March 27th.
They expect $-0.09 EPS, down 288.89% or $0.26 from last year's $0.17 per share. The firm had revenue of $603.30 million for the quarter, compared to analyst estimates of $622.76 million. G-III Apparel Group updated its Q1 guidance to ($0.35-0.45) EPS and its FY18 guidance to $0.99-1.09 EPS. "Statements concerning G-III's business outlook or future economic performance, anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters are 'forward-looking statements" as that term is defined under the Federal Securities laws.
The company is expected to report earnings of $-0.1 a share for the next quarter.
Shares outstanding are recorded as 48.73 M and total shares floated are 40.38 M. Current ratio which is the relationship between current assets and current liabilities, indicating the liquidity of a business is calculated as 1.20.
Average price target for G-III Apparel Group, Ltd. (NASDAQ:GIII) stock is $30.14, according to consensus of 7 analysts. If you are viewing this piece on another website, it was illegally stolen and republished in violation of United States and worldwide copyright and trademark law.
A number of brokerages have commented on GIII. FMR LLC now owns 6,842,518 shares of the company's stock worth $202,264,000 after buying an additional 494,490 shares during the period. Hedge funds and other institutional investors own 95.33% of the company's stock. UMB Bank N A MO bought a new position in G-III Apparel Group during the third quarter worth $271,000. TimesSquare Capital Management LLC now owns 2,495,795 shares of the company's stock valued at $72,752,000 after buying an additional 382,850 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of G-III Apparel Group by 112.2% in the third quarter. Municipal Employees Retirement System of MI now owns 8,900 shares of the company's stock worth $259,000 after buying an additional 140 shares during the last quarter. Municipal Employees Retirement System of MI boosted its position in G-III Apparel Group by 1.6% in the third quarter.