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G-III Apparel Group Q3 net sales increased 5.2%

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Christian Fernsby ▼ | December 4, 2019
G-III Apparel Group announced operating results for the third quarter of fiscal 2020 ended October 31, 2019.
G-III Apparel Group
G-III Apparel Group   The company reported GAAP net income for the third quarter of $95.4 million
Net sales for the third quarter ended October 31, 2019 increased 5.2% to $1.13 billion from $1.07 billion in the same period last year.

Topics: G-III Apparel Group

The company reported GAAP net income for the third quarter of $95.4 million, or $1.97 per diluted share, compared to $94.0 million, or $1.86 per diluted share, in the prior year’s comparable period.

Non-GAAP net income per diluted share was $1.99 for the third quarter of this year compared to $1.88 in the same period last year.

Non-GAAP net income per diluted share excludes (i) non-cash imputed interest expense of $1.4 million in this quarter related to the note issued to seller (the “Seller Note”) as part of the consideration for the acquisition of Donna Karan International compared to $1.2 million in the third quarter last year and (ii) a $0.1 million gain on lease terminations in the current quarter.

The aggregate effect of these exclusions was equal to $0.02 per diluted share in each of the third quarter of this year and the prior year.

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