Shares of women’s and men’s apparel provider G-III Apparel Group (NASDAQ:GIII) are tanking today after the company’s recent third-quarter numbers failed to cheer investors.
Revenue rose nearly 6% year-over-year to $1.08 billion and was largely in line with estimates. EPS at $1.26 though, missed the cut by $0.58.
Moreover, a scaled-back outlook and challenges stemming from inflation, supply chain bottlenecks, and forex headwinds continue to weigh on investor sentiment.
Furthermore, the company warned that its licensing deals with PVH (PVH) are set to expire after 2027. This include top brands Tommy Hilfiger and Calvin Klein.
Currently, the Street has a Hold rating on the stock alongside an average price target of $19.
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