G-III Apparel Group Ltd ( GIII ) shares are trading lower after the company reported a fourth-quarter FY24 sales decline of 10.5% year-on-year to $764.78 million, missing the analyst consensus estimate of $817.48 million.

The gross profit rose 0.2% Y/Y to $281.9 million, with the margin expanding 390 basis points to 36.8%.

The operating margin was 6.1%, and operating income for the quarter was $46.3 million.

Adjusted EPS of $0.76 beat the analyst consensus estimate of $0.68.

The company held $507.8 million in cash and equivalents as of January 31, 2024.

Outlook: G-III sees FY25 sales of $3.20 billion versus an estimate of $3.203 billion.

The company expects FY25 adjusted EPS of $3.50 – $3.60 versus the consensus of $3.89 and sees Adjusted EBITDA of $290 million – $295 million.

G-III sees first-quarter net sales of $615 million versus an estimate of $614.7 million and an adjusted EPS of $(0.10) – $0.00 against an estimate of $0.12.

Price Action: GIII shares are trading lower by 15.9% at $25.50 on the last check Thursday.