G-III Apparel raises FY24 EPS view to $3.90-$4.00 from $3.05-$3.15

Consensus $3.24. Cuts FY24 revenue view to $3.15B from $3.3B, consensus $3.3B. Sees FY24 adjusted EBITDA $317M-$322M. The company said, “For fiscal 2024, the Company expects net sales of approximately $3.15 billion and net income between $175 million and $180 million, or between $3.75 and $3.85 per diluted share. This compares to net sales of $3.23 billion and a net loss of $(133.1) million, or $(2.79) per share, for fiscal 2023. Fiscal 2023 results included a $291.5 million non-cash goodwill impairment charge, net of tax. The Company is anticipating non-GAAP net income for fiscal 2024 between $182 million and $187 million, or between $3.90 and $4.00 per diluted share. This compares to non-GAAP net income of $138.8 million, or $2.85 per diluted share, for fiscal 2023.”