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G-III Apparel fiscal Q1 profit climbs 15.4% YOY

G-III Apparel Group said its normalized net income for the fiscal first quarter ended April 30 was 3 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 7 cents per share.

EPS increased 12.0% year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.3 million, a gain of 15.4% from $1.1 million in the year-earlier period.

The normalized profit margin fell to 0.4% from 0.4% in the year-earlier period.

Total revenue rose 34.3% year over year to $366.2 million from $272.6 million, and total operating expenses increased 34.7% on an annual basis to $362.7 million from $269.2 million.

Reported net income rose 23.6% year over year to $1.3 million, or 3 cents per share, from $1.0 million, or 3 cents per share.