G-III Apparel Group, Ltd. (GIII) has reported a 19.04 percent fall in profit for the quarter ended Oct. 31, 2016. The company has earned $70.56 million, or $1.50 a share in the quarter, compared with $87.16 million, or $1.87 a share for the same period last year. On an adjusted basis, earnings per share were at $1.50 for the quarter compared with $1.85 in the same period last year.

Revenue during the quarter went down marginally by 2.90 percent to $883.48 million from $909.86 million in the previous year period. Gross margin for the quarter contracted 66 basis points over the previous year period to 36.38 percent. Total expenses were 86.97 percent of quarterly revenues, up from 84.68 percent for the same period last year. That has resulted in a contraction of 229 basis points in operating margin to 13.03 percent.

Operating income for the quarter was $115.14 million, compared with $139.40 million in the previous year period.

Morris Goldfarb, G-III's chairman and chief executive officer, said, "We have systematically, steadily and thoughtfully diversified into a wide range of categories, both organically and through strategic acquisitions. We have achieved tremendous diversification, built a portfolio of incredible brands and cemented a leadership position across the industry. We believe that our premium brands, including those that come with our acquisition today of the Donna Karan business, position us extremely well to drive sales and profit growth well into the future. We see a multi-billion dollar revenue growth opportunity for our Company over time." Mr. Goldfarb concluded, "While conditions in our industry have been and remain challenging, we have what it takes across the organization in terms of drive, commitment and talent to carry through on our growth initiatives and deliver excellent value for our shareholders, our customers and our partners."

For fiscal year 2017, G-III Apparel Group, Ltd. expects revenue to be $2,430 million. The company expects net income to be in the range of $67 million to $72 million. It projects operating income to be in the range of $117 million to $125 million. The company forecasts diluted earnings per share to be in the range of $1.41 to $1.51 and forecasts diluted earnings per share to be in the range of $1.61 to $1.71 on adjusted basis.