G-III Apparel Group (GIII) Q4 2025 earnings summary

Executive summary

• Achieved record full-year non-GAAP EPS of $4.42, up 9% year-over-year, exceeding guidance despite challenging market conditions and declines in legacy licensed brands.

• Net sales for fiscal 2025 rose 2.7% to $3.18 billion, driven by over 20% growth in key owned brands and successful new brand launches, offsetting declines in Calvin Klein and Tommy Hilfiger as licenses phase out.

• Strategic focus shifted to owned brands, now over 50% of net sales, with investments in marketing, technology, and international expansion.

• Ended the year with over $775 million in cash and availability, and significantly reduced total debt.

• Introduced four new brands and expanded digital and omnichannel capabilities.

Financial highlights

• Fiscal 2025 net sales rose 2.7% to $3.18B; Q4 net sales were $840 million, up 10% year-over-year.

• Q4 non-GAAP net income was $58 million ($1.27 per diluted share), up from $36 million ($0.76) last year.

• Full-year non-GAAP net income was $204 million ($4.42 per diluted share), up 9% from $190 million ($4.04) in fiscal 2024.

• Gross margin for fiscal 2025 was 40.8%, up from 40.1%; Q4 gross margin expanded to 39.5% (from 36.9%).

• Adjusted EBITDA for fiscal 2025 was $325.9M, up slightly from $324.1M in fiscal 2024.

Outlook and guidance

• Fiscal 2026 net sales expected at $3.14 billion, down 1% year-over-year, reflecting PVH license roll-offs.

• Non-GAAP EPS guidance for fiscal 2026 is $4.15–$4.25; adjusted EBITDA expected between $310–$315 million.

• Q1 2026 net sales expected at $580 million, with non-GAAP EPS of $0.05–$0.15.

• Double-digit growth expected in key owned brands to nearly offset licensed brand declines.

• Capital expenditures projected at $50 million, mainly for shop-in-shops and technology.