G-III Apparel Group Cuts FY 2017 Sales and Earnings

G-III Apparel Group expects FY 2017 sales of about $2.41 billion, down from its prior guidance of $2.43 billion but in line with the analyst consensus on Capital IQ. Net income is now seen in the range of $1.21-$1.31 per share, down from its prior view of $1.41-$1.51 per share and below the Street view of $1.52 per share. On a non-GAAP basis, the company is forecasting earnings in the range of $1.41-$1.51, vs. the analyst consensus of $1.59 per share.

The company is now projecting adjusted EBITDA for fiscal 2017 of between approximately $148 million and $155 million compared to adjusted EBITDA of $210.1 million in fiscal 2016 and to its previous forecast of adjusted EBITDA of between approximately $163 million and $171 million.

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