G-III Apparel Group, Ltd. (NASDAQ: GIII) announced third quarter financial results. G-III Apparel designs, manufactures, and markets apparel that include outerwear, sportswear, dresses, swimwear, as well as women’s suits and women’s performance wear. The company also produces footwear, accessories, and luggage and handbags. G-III reported that net sales increased 16% to $1.02 billion from $883.5 million in the year-ago period. This increase includes net sales of approximately $88.0 million of our DKNY and Donna Karan products. The Company's net income for the third quarter increased to $81.6 million, or $1.65 per diluted share, from $70.6 million, or $1.50 per diluted share, in the prior year's comparable period. As discussed below, the Company is increasing its prior guidance for the full fiscal 2018 year, noting excellent wholesale net sales across all major brands in the third quarter.
Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, "We are pleased with our third quarter results which surpassed our plan. We have executed our strategy with well-known brands and compelling product in an environment that remains challenging across our industry. Our products are selling well as we head into the holiday season and we expect to close the year with improved results and sustained momentum."