(By Balachander) G-III Apparel Group Ltd. (NASDAQ:GIII) lifted its earnings and sales forecast for the year after the maker of outerwear reported better-than-expected second-quarter results.
On a non-GAAP basis, earnings per share (EPS) jumped 62 percent to 13 cents. Net earnings declined 12.5 percent to $1.4 million for the three months ended July 31 as selling, general and administrative expenses increased 16 percent.
Sales rose 9.4 percent to $251.5 million.
Analysts, on average, polled by Thomson Reuters expected earnings of 7 cents per share on sales of $254 million.
Looking ahead to the third quarter, the company forecasts EPS in the range of $2.25 to $2.35 on sales of around $570 million. Analysts expect earnings of $2.34 per share on sales of $559 million.
For the full year, the company raised its non-GAAP EPS forecast by 12 cents to $2.74 to $2.84. Sales are now projected to be roughly $1.41 billion, up from $1.35 billion projected earlier.
Analysts expect earnings of $2.71 per share on sales of $1.37 billion for the 12 months ending January 2013.
GIII shares ended Tuesday's regular trading session at $32.88. The stock has been trading the 52-week range between $17.31 and $32.90.