G-III Apparel Group, Ltd. has reported its fourth quarter and full-year fiscal 2024 results, along with providing an outlook for fiscal 2025. The company's net sales for fiscal year 2024 decreased to $3.10 billion from $3.23 billion in the previous year, while net income per diluted share was reported at $3.75 compared to a net loss of $(2.79) per share in the prior year.
Furthermore, the non-GAAP net income per diluted share for fiscal year 2024 improved to $4.04 from $2.85 in the previous year, exceeding the guidance. G-III Apparel Group, Ltd. ended fiscal year 2024 in a net cash position of $90.0 million with over $1.00 billion in liquidity, and its inventories decreased by 27% compared to the previous year.
Looking ahead to fiscal year 2025, the company anticipates approximately $60.0 million in incremental expenses, primarily associated with the launches of Donna Karan, Nautica, and Halston. For fiscal 2025, G-III Apparel Group, Ltd. expects net sales of approximately $3.20 billion and net income between $167.0 million and $172.0 million, or between $3.50 and $3.60 per diluted share. This compares to net sales of $3.10 billion and net income of $176.2 million, or $3.75 per diluted share, for fiscal 2024. Non-GAAP net income for fiscal 2025 is expected to be between $167.0 million and $172.0 million, or between $3.50 and $3.60 per diluted share, compared to non-GAAP net income of $189.8 million, or $4.04 per diluted share, for fiscal 2024.
For the first quarter of fiscal 2025, G-III Apparel Group, Ltd. expects net sales of approximately $615.0 million compared to $606.6 million in the same period last year. The company expects a net loss in the range of $(5.0) million and break-even, or $(0.10) and $0.00 per share, compared to a net income of $3.2 million, or $0.07 per diluted share, in the first quarter of last year. Non-GAAP net income for the first quarter of fiscal 2025 is expected to be between $(5.0) million and break-even, or between $(0.10) and $0.00 per share, compared to non-GAAP net income of $6.0 million, or $0.13 per diluted share, for the first quarter of fiscal 2024.
The company highlighted its ability to deliver strong growth with brands like DKNY, Karl Lagerfeld, and Vilebrequin, increasing the penetration of higher-margin owned brands to 47% of fiscal 2024 net sales, up from 40% in the previous year. G-III Apparel Group, Ltd. is optimistic about fiscal year 2025, citing the launches of new initiatives and the continued organic growth of its owned brands.
The market has reacted to these announcements by moving the company's shares -14.6% to a price of $25.91. If you want to know more, read the company's complete 8-K report here.
