Q1 2025 G-III Apparel Group Ltd Earnings Call Transcript
Key Points
- Net sales for the first quarter were $610 million, in line with expectations.
- Gross margin rate expanded by 130 basis points.
- Inventory levels decreased by approximately 24% from the previous year's first quarter.
- Strong double-digit sales increases in DKNY and Karl Lagerfeld.
- Successful partnership with AWWG to expand European presence and leverage operational capabilities.
- Non-GAAP earnings per diluted share decreased slightly from $0.13 last year to $0.12.
- Retail segment net sales showed minimal growth, from $30 million to $31 million, despite closing nine doors.
- Non-GAAP SG&A expenses increased from $226 million to $237 million.
- Gross margin percentage in retail operations decreased from 50.9% to 47%.
- Second quarter net sales guidance is slightly lower than the same period last year, at $650 million compared to $660 million.
Good day and thank you for standing by. Welcome to G-III Apparel Group first quarter fiscal 2025 earnings conference. (Operator Instructions) Please note that today's conference is being recorded.
I will now hand the conference over to your speaker host, Mr. Neal Nackman, Chief Financial Officer. Please go ahead, sir.
Good morning, and thank you for joining us. Before we begin, I would like to remind participants that certain statements made on today's call and in the Q&A session may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees and actual results may differ materially from those expressed or implied in forward-looking statements.
Important factors that could cause actual results of operations or the financial condition of the company to differ or discussed in the documents filed by the company with the SEC. The company undertakes no duty to update any forward-looking
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