Executive Summary

• G-III Apparel Group reported record first-quarter net sales of $457.4 million, up 5.6% year over year and in line with the consensus estimate. EPS was $0.06, ahead of the $0.02 consensus estimate and compared to $0.15 in the year-ago quarter.
• Although the retail business did not perform in line with plans, strength in the wholesale business more than offset the softness in retail, and management has taken measures that are expected to improve top- and bottom-line performance in the second half.
• For the year, the company reiterated its FY17 revenue guidance of approximately $2.62 billion and EPS of $2.55–$2.62.