G-III Apparel leaps on annual profit forecast raise, Q2 beat

Hanesbrands

07/09/2023 13:52

** Shares of clothing firm G-III Apparel Group  GIII.O  up
~15% at $22.10 premarket
    ** Company raises annual profit forecast and beats Q2
estimates
    ** GIII now expects 2024 adj. EPS to be between $3.20 and
$3.30, compared with its prior forecast of $2.80 to $2.90
    ** Company sees annual net sales of about $3.30 bln, vs its
previous projection of about $3.29 bln
    ** GIII expects Q3 adj. profit per share to be between $2.03
and $2.13, vs LSEG estimate of $1.84
    ** But company sees Q3 net sales of about $1.13 bln,
compared with analysts' expectations of $1.16 bln
    ** Separately, HanesBrands  HBI.N  and GIII enter into a
strategic multi-year license agreement for the design,
production and distribution of outerwear for the Champion and C9
Champion brands in North America
    ** Up to Wednesday's close, stock up ~41% YTD

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))