GIII - G-III Apparel scales 13% after Q4 results and increase in buyback program

G-III Apparel (GIII +10.5%) Q4 sales increased 42% to $748.2B, beating consensus by $7.98M. Board of Directors has increased the previously authorized share repurchase program; there were 2.3M shares available under the prior program which the Board has increased to 10M shares; Company currently has approximately 47.9M shares of common stock outstanding.  Guidance FY 2023: expects net sales of ~$3B and net income between $205M and $215M, or EPS between $4.20 and $4.30. Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “Fiscal year 2022 was a testament to the power of G-III. We continued to build upon our strong foundation and delivered our highest annual net income per diluted share in our Company’s history. We captured market share by anticipating demand and working with retail partners, despite the significant supply chain challenges. We are in a strong financial position affording us the flexibility to continue to invest in our future.” GAAP EPS

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G-III Apparel scales 13% after Q4 results and increase in buyback program