G-III Apparel Group (NASDAQ:GIII) Updates Q1 2024 Earnings Guidance

G-III Apparel Group (NASDAQ:GIII – Get Rating) issued an update on its first quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of -$0.15–$0.05 for the period, compared to the consensus earnings per share estimate of $0.57. The company issued revenue guidance of $560.00 million-$560.00 million, compared to the consensus revenue estimate of $694.88 million. G-III Apparel Group also updated its FY 2024 guidance to $2.55-$2.65 EPS.

G-III Apparel Group Stock Performance

Shares of G-III Apparel Group stock opened at $15.03 on Friday. G-III Apparel Group has a 52 week low of $11.60 and a 52 week high of $31.70. The business’s fifty day simple moving average is $15.97 and its 200-day simple moving average is $16.55. The firm has a market cap of $713.77 million, a PE ratio of -5.15, a price-to-earnings-growth ratio of 0.39 and a beta of 2.65. The company has a quick ratio of 1.68, a current ratio of 3.09 and a debt-to-equity ratio of 0.49.

G-III Apparel Group (NASDAQ:GIII – Get Rating) last announced its quarterly earnings results on Thursday, March 16th. The textile maker reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). G-III Apparel Group had a negative net margin of 4.12% and a positive return on equity of 8.79%. The business had revenue of $854.20 million during the quarter, compared to analyst estimates of $769.28 million. During the same period last year, the company earned $0.98 EPS. The business’s revenue for the quarter was up 14.2% on a year-over-year basis. Equities analysts forecast that G-III Apparel Group will post 2.6 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on GIII shares. UBS Group decreased their price target on G-III Apparel Group from $22.00 to $16.00 and set a neutral rating on the stock in a research note on Thursday, December 8th. Piper Sandler decreased their target price on G-III Apparel Group from $22.00 to $16.00 and set a neutral rating on the stock in a research note on Wednesday, December 21st. KeyCorp reissued an overweight rating and set a $18.00 target price (up previously from $17.00) on shares of G-III Apparel Group in a research note on Monday, January 30th. TheStreet lowered G-III Apparel Group from a c rating to a d+ rating in a research note on Thursday. Finally, Telsey Advisory Group reissued a market perform rating and set a $14.00 target price on shares of G-III Apparel Group in a research note on Monday, March 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $19.38.

Institutional Investors Weigh In On G-III Apparel Group

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in G-III Apparel Group by 3.0% during the 1st quarter. BlackRock Inc. now owns 7,583,681 shares of the textile maker’s stock worth $205,139,000 after purchasing an additional 218,715 shares during the period. Vanguard Group Inc. increased its holdings in G-III Apparel Group by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 4,874,631 shares of the textile maker’s stock worth $131,858,000 after purchasing an additional 332,865 shares during the period. Dimensional Fund Advisors LP increased its holdings in G-III Apparel Group by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,299,935 shares of the textile maker’s stock worth $89,266,000 after purchasing an additional 37,415 shares during the period. Madison Avenue Partners LP purchased a new stake in G-III Apparel Group during the 4th quarter worth about $25,716,000. Finally, State Street Corp increased its holdings in G-III Apparel Group by 1.7% during the 2nd quarter. State Street Corp now owns 1,674,108 shares of the textile maker’s stock worth $33,867,000 after purchasing an additional 28,751 shares during the period. Hedge funds and other institutional investors own 88.79% of the company’s stock.

G-III Apparel Group Company Profile

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G-III Apparel Group Ltd. engages in the designing, sourcing, and marketing of women’s apparel. The firm’s product range includes outerwear, dresses, sportswear, swimwear, women’s suits and performance wear, as well as handbags, footwear, small leather goods, cold weather accessories, and luggage. It operates through the Wholesale and Retail segments.