G-III Apparel (NASDAQ:GIII) saw its shares rise 10% in aftermarket trading yesterday. Sure, the company beat its internal estimates and boosted guidance for the year, but a little basic math has me questioning the strong reaction last night.

Sales increased 21% to $83.9 million, easily surpassing management's guidance of $75 million. The company did lose $0.05 a share, but that was much narrower than the $0.19-$0.24 loss that was expected. Management attributed the results to strong performances from sales of licensed brands by Calvin Klein, Guess? (NYSE:GES), Kenneth Cole (NYSE:KCP), and Sean John. This is typically a weaker quarter for the company, and management historically reverses its losses in the third quarter each year.

G-III designs, manufactures, and markets a broad range of outerwear and sportswear, and it deals in both licensed and proprietary brands. Its products are sold in upper-end department stores such as Macy's (NYSE:M), and Nordstrom (NYSE:JWN) as well as in more middle-of-the-road stores such as J.C. Penney (NYSE:JCP), and Kohl's (NYSE:KSS). Selling a diverse group of goods in a wide variety of stores that appeal to different demographics should provide some protection, especially in the current economic environment, in which lower-income consumers seem disproportionately affected.

The company raised its earnings and sales guidance for the year, and here's where the math becomes a little fuzzy for me. The company beat its quarterly guidance by $0.14-$0.19 a share. Yet it raised its yearly guidance by only $0.08, to $0.98-$1.03 a share. It's been a long time since I was in grade school, but doesn't this indicate that the company expects to underperform its expectations for the rest of the year?

G-III seemed to have a good quarter overall. That makes the yearly guidance and lack of third-quarter estimates all the more curious. For me, this stock won't get a fashionable look until I get a good explanation.

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Fool contributor Larry Rothman is happy to receive feedback, and he promises to read it when he's not being wrestled by his three children. Feel free to email him at rothmanviews@comcast.net. He doesn't have any positions in the companies mentioned. The Fool has a disclosure policy.