G-III Apparel sees Q3 EPS $2.03- $2.13, consensus $1.83

For the third quarter of fiscal year 2024, the Company expects net sales of approximately $1.13 B compared to $1.08 B in the same period last year.Consensus is $1.16B The Company expects net income for the third quarter of fiscal 2024 between $94M and $99M or between $1.99 and $2.09 per diluted share. This compares to net income of $61.1M, or $1.26 per diluted share, in last year’s third quarter. The third quarter of fiscal 2023 results included significant one-time demurrage charges of $26.7M, or 40c per diluted share, related to logistics challenges within our distribution centers. The Company is anticipating non-GAAP net income for third quarter of fiscal 2024 between $96 M and $101M, or between $2.03 and $2.13 per diluted share. This compares to non-GAAP net income of $65.6 million, or $1.35 per diluted share, in last year’s third quarter.