G-III sales down in fiscal 2024 on sluggish fourth quarter

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Following a double-digit drop in sales for the quarter ended January 31, G-III Apparel revealed on Thursday that net sales for fiscal 2024 dropped 4% to $3.1 billion.

 

Net sales for the fourth quarter of the year dropped 10.5% to $764.8 million, according to the New York-based company. However, the fashion group turned a profit for the quarter, coming in at $28.9 million, or $0.61 per diluted share, after losing $261.1 million, or $5.54 per share, in the previous year’s quarter.

The previous year’s net loss was $133.1 million, or $2.79 per share, but this year’s net income was $176.2 million, or $3.75 per diluted share. The business reported a non-cash goodwill impairment charge of $291.5 million, net of taxes, or $6.12 per share, in the prior year’s results.

In addition to producing good profitability, this year was pivotal for G-III as we started to implement our future plan. According to Morris Goldfarb, chairman and chief executive officer of G-III, the company’s owned brands—DKNY, Karl Lagerfeld, and Vilebrequin—are now accounting for 47% of fiscal 2024 net sales, up from 40% the previous year.

We completed the year in a net cash position with over a billion dollars in liquidity, thanks to our broad business model and conservative operational style. This has further strengthened our credit profile. In fiscal year 2025, we successfully launched our Donna Karan brand and developed three new additions to our portfolio: Nautica, Halston, and Champion outerwear. We have recently brought all of these to market with first deliveries, marking the beginning of our new growth ambitions.

The business anticipates $3.20 billion in net sales and $167.0–$172.0 million in net income, or $3.50–$3.60 per diluted share, for fiscal year 2025.

In comparison, fiscal 2024 saw net sales of $3.10 billion and net profits of $176.2 million, or $3.75 per diluted share.

Featuring ​Cindy Crawford, Linda Evangelista, Amber Valletta, Shalom Harlow, Carolyn Murphy, Imaan Hammam, Karlie Kloss, and Liya Kebede, the star-studded Spring 2024 campaign was launched in early February by G-III-owned Donna Karan New York. That same month, the company also revealed its entry into the perfume market.


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Ethan Sullivan

Ethan's penchant for the pulse of the fashion world extends to covering lifestyle topics, offering readers a seamless blend of the latest style updates and lifestyle trends.

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