GIII - G-III Apparel shares dazzle on Q1 earnings topper and FY2022 outlook above consensus

G-III Apparel (GIII) shares up 5.7% premarket on Q1 earnings beat and guiding FY2022 above consensus mark.The company reported net sales growth of 28.3% with gross margin rate improved 690 bps to 37.6%.Inventory down 30.7% to $346.67M.The company ended the quarter with cash and credit facility availability of approximately $860M.The company has completed the restructuring of its retail operations segment and has closed the Wilsons Leather and G.H. Bass stores.Q2 Guidance: Net sales: $460M vs. consensus of $487.7M; Diluted EPS: $0.03-$0.13 vs. $0.06 consensusFY2022 Guidance: Net sales: $2.57B vs. consensus of $2.54B; Net income: $125M-$135M; Diluted EPS: $2.60-$2.70 vs. $2.37 consensus.

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G-III Apparel shares dazzle on Q1 earnings topper and FY2022 outlook above consensus