DKNY Parent Company Raises Guidance As It Navigates ‘Challenging Market’

Donna Karan-brand owner G-III Apparel (GIII) topped fiscal third-quarter 2024 earnings expectations, with profit ballooning 121%, and increased its full-fiscal year guidance early Tuesday.

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The DKNY and Donna Karan-parent company saw EPS grow 121% to $2.78, beating estimates, while revenue declined around 1% to $1.067 billion, coming in below Wall Street predictions. G-III also raised its fiscal-year EPS forecast, expecting earnings of $3.90-$4 per share.

The Donna Karan-owner previously forecast EPS of $3.20-$3.30. Meanwhile, G-III revised lower its sales prediction, now expecting sales of approximately $3.15 billion, down from the prior view of $3.3 billion.

Chief Executive Morris Goldfarb said in the earnings statement Tuesday that the company “well exceeded” its EPS expectations.

“Our solid year-to-date results showcase G-III’s ability to successfully navigate challenging market conditions and gives us the confidence to raise our full year earnings per share guidance,” Goldfarb said.

Donna Karan-Owner: Stock Performance

GIII stock fell 2.2% to 28.97 after swinging higher and lower in heavy trade during Tuesday’s market action. Ahead of regular trade, GIII shares swung 7% higher and 5% lower in early trade.

The designer clothing maker’s stock has gained nearly 120% in 2023 and has booked four consecutive monthly advances.

Meanwhile Calvin Klein-parent company PVH (PVH) broke out above a double bottom buy point of 93.01 on Nov. 30. Shares have collected eight straight daily advances. However, PVH on Tuesday fell 0.5% to 103.80.

G-III designs, sources and markets a wide range of apparel and fashion accessories. The company operates through a portfolio of more than 30 licensed and proprietary brands. G-III’s owned brands include DKNY, Donna Karan, Karl Lagerfeld, Andrew Marc, and Marc New York among others. The company also has fashion licenses under brands including Calvin Klein, Tommy Hilfiger, Nautica, Halston, Kenneth Cole, and Levi’s.

GIII stock has an 82 Composite Rating out of a best-possible 99. The shares also have a 98 Relative Strength Rating and the company has a 34 EPS Rating.

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