G-III Apparel Group announces two-for-one stock splitStaff writer ▼ | April 7, 2015
G-III Apparel Group board approved a two-for-one-stock split of the company's common stock to be paid as a stock dividend.
Stock split Two-for-one to be paid as a stock dividend
The company had outstanding approximately 22.5 million shares of its common stock as of April 6, 2015. After the stock split, the company will have outstanding approximately 45.0 million shares of its common stock.
Morris Goldfarb, G-III's Chairman, Chief Executive Officer and President, said, "We are pleased to take this action as a result of our strong operating results and stock price performance. This stock split reflects the belief in our long-term company initiatives and underlines our ongoing commitment to enhancing shareholder value."
The company previously provided guidance for its fiscal year ending January 31, 2016 regarding net income per diluted share. On a split-adjusted basis, the company expects net income to be between $2.53 and $2.63 per diluted share, compared to net income between $5.05 and $5.25 per diluted share on a pre-split basis. ■