NEW YORK — Even though sales jumped 80 percent, sportswear manufacturer G-III Apparel Group Ltd. posted a fourth-quarter net loss on Thursday that was flat with the prior year’s loss. For the full year, however, the company’s earnings surged tenfold thanks in part to acquisitions completed during the year.
In the three months ended Jan. 31, the New York-based company had a loss of $2.8 million, or 23 cents, matching analysts’ expectations. Comparatively, the company had a loss of $2.7 million, or 25 cents, in the same quarter a year ago. All earnings-per-share data have been restated to reflect a three-for-two stock split effective March 28.
Sales in the quarter were $69.1 million up from $38.4 million a year ago.
In the year, G-III, which acquired its Marvin Richards and Winlit divisions in July, had net earnings of $7.1 million, or 58 cents a diluted share, up from a profit of $703,000, or 6 cents, the prior year. Net sales rose 51.2 percent to $324.1 million.
Looking ahead, the company forecast EPS of 58 cents to 62 cents for the fiscal year ended January 2007 on net sales of $400 million. Analysts are expecting EPS of 83 cents in the full year on sales of $382.9 million.
In the first quarter, the company expects a loss of 70 to 74 cents, versus analysts’ projection for a loss of 52 cents; the company had a loss of 43 cents in last year’s first quarter.
G-III reported results after the close of the stock market Thursday. Shares of the company dropped 7.4 percent in Friday’s Nasdaq session to $11.07. Still, the stock has roughly doubled in the last 52 weeks.