G-III Apparel (US:GIII)2026-03-12 11:30Financial Performance - Net sales for fiscal 2026 were $2.96 billion, a decrease of 7% compared to $3.18 billion in the prior year[9]. - Fourth quarter net sales decreased 8.1% to $771.5 million from $839.5 million in the same quarter last year[5]. - The company reported a net loss of $(31.9) million for the fourth quarter, or $(0.76) per share, compared to net income of $48.8 million, or $1.07 per diluted share, in the prior year's fourth quarter[6]. - Fiscal 2027 net sales are expected to be approximately $2.71 billion, reflecting a loss of $470 million from Calvin Klein and Tommy Hilfiger products[15]. - Non-GAAP EPS for fiscal 2026 was $2.61, down from $4.42 in the prior year, impacted by a $0.30 bad debt expense related to the Saks Global bankruptcy[11]. - Non-GAAP net income for the three months ended January 31, 2026, was $13,200 thousand, down from $57,786 thousand in the prior year, reflecting a decrease of 77%[28]. - Forecasted net income for the year ending January 31, 2027, is projected to be between $88,000 thousand and $92,000 thousand, an increase from $67,353 thousand in 2026[34]. - Non-GAAP diluted net income per share for the year ended January 31, 2026, was $2.61, compared to $4.42 for the year ended January 31, 2025, indicating a decline of 41%[30]. Cash and Capital Management - The company ended fiscal 2026 with cash and cash equivalents of $407 million, up from $181.4 million the previous year[12]. - The company plans to return over $50 million in capital to shareholders in fiscal 2026, consisting of share repurchases and dividends[7]. Cost Management and Profitability Initiatives - A $25 million run-rate cost savings initiative has been initiated to enhance profitability[13]. - Adjusted EBITDA for fiscal 2027 is expected to be between $158.0 million and $162.0 million, compared to $192.4 million in fiscal 2026[17]. - Adjusted EBITDA for the year ended January 31, 2026, was $192,367 thousand, while the forecasted adjusted EBITDA for the year ending January 31, 2027, is expected to be between $158,000 thousand and $162,000 thousand[34]. Asset and Expense Management - The company incurred asset impairments of $48,565 thousand for the year ended January 31, 2026, compared to $8,195 thousand in 2025[34]. - The company reported a one-time warehouse related severance expense of $1,327 thousand for the year ended January 31, 2026[34]. - The income tax expense for the year ended January 31, 2026, was $43,316 thousand, compared to $76,566 thousand in 2025[34]. Strategic Initiatives - The company plans to continue assessing strategic opportunities and has incurred professional fees of $2,282 thousand related to such efforts in fiscal 2026[34].