GIII - Why G-III Apparel Group Stock Popped Today
Shares of G-III Apparel Group (NASDAQ: GIII) , whose portfolio includes iconic brands like Calvin Klein and Tommy Hilfiger, popped on Monday after the company announced financial results for the first quarter of its fiscal 2022 and issued guidance for the remainder of the year. The market liked these developments and, as a result, the stock was up 7% as of noon EDT. It had been up 14% earlier in the session.
G-III's fiscal quarter covered February through the end of April. During Q1, the company's net sales grew 28.3% year over year to almost $520 million. While that double-digit growth rate looks impressive on the surface, investors should remember that this was an easy comparison. Last year, G-III's sales fell 36%. Therefore, looking back two years, the company's sales still haven't fully recovered. Two years ago, it had first-quarter net sales of almost $634 million.
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Why G-III Apparel Group Stock Popped Today