G-III Apparel Group announced operating results for the second quarter of fiscal 2016. Net sales, driven by robust wholesale and retail performance, increased 12% to $474 million from $424 million in the year-ago period.
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The company's net income for the second quarter increased to $12.5 million from $6.2 million in the prior year period. The company reported an increase in net income per diluted share to $0.27 from $0.14 in the prior year period. All share and per share data in this release have been retroactively adjusted to reflect the two-for-one stock split effective May 1, 2015.
The company today revised its prior guidance for the full fiscal year ending January 31, 2016.
The company is now forecasting net sales of approximately $2.4 billion and net income between $129 million and $134 million, or a range between $2.78 and $2.88 per diluted share, compared to its previous guidance of net sales of approximately $2.40 billion and net income between $123 million and $128 million, or a range between $2.66 and $2.76 per diluted share.
For the fiscal 2015 year ended January 31, 2015, net sales were $2.12 billion and net income was $110.4 million, or $2.48 per diluted share.
On an adjusted basis, excluding items resulting in other income in fiscal 2015 of $0.22 per share, net of taxes, non-GAAP net income per diluted share was $2.26 for the 2015 fiscal year.
The company is now projecting adjusted EBITDA for fiscal 2016 to increase between 27% and 31% to between $237 million and $245 million compared to its previous guidance of adjusted EBITDA between approximately $225.0 million and $233.0 million. Adjusted EBITDA for fiscal 2015 was $186.6 million.
For its third fiscal quarter ending October 31, 2015, the company is forecasting net sales of approximately $920 million compared to $812.3 million in the comparable quarter last year.
The company is also forecasting net income for the third fiscal quarter between $83.0 million and $85.3 million, or between $1.78 and $1.83 per diluted share, compared to net income of $80.6 million, or $1.76 per diluted share, in last year's third quarter.
On an adjusted basis, excluding items resulting in other income in the third fiscal quarter ended October 31, 2014 of $0.22 per share, net of taxes, non-GAAP net income per diluted share was $1.54 in the third fiscal quarter ended October 31, 2014. ■