What happened
Shares of G-III Apparel Group, Ltd. (GIII 0.38%), a leading manufacturer and distributor of apparel and accessories under licensed brands, owned brands, and private label brands, are up 8.5% as of 11 a.m. EDT, after the company announced a first-quarter earnings beat.
So what
The apparel company posted strong results on both the top and bottom lines. G-III posted fiscal first-quarter revenue of $611.7 million, an impressive 16% gain over the prior year period, and well above analysts' estimates calling for $571 million. Adjusted earnings-per-share checked in at $0.22 per share, far above analysts' estimates calling for a loss of $0.05 per share, per FactSet.
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We are pleased to have begun the year with a solid quarter across the board. Strong brands, quality product, diversified distribution and great execution continue to be our winning formula. We are excited to see the momentum continue and have increased confidence in our outlook for the remainder of this year. -- G-III's Chairman and Chief Executive Officer Morris Goldfarb, in a press release.
Now what
The icing on the cake for investors was management bumping up its full-year fiscal 2019 guidance. Management now expects full-year sales to check in around $2.97 billion, up from $2.94 billion, and adjusted earnings-per-share between $2.27 and $2.37, up from prior guidance between $1.98 and $2.08, per share. It was a strong quarter with impressive beats on both the top and bottom line, and investors are clearly convinced the company's momentum and long-term growth is compelling, pushing its stock price higher Tuesday -- although investors should keep in mind the company has a history of popping and dropping on earnings.
