G-III Apparel Group (NASDAQ:GIII) shares slipped Thursday after the fashion company slashed its full-year outlook, warning of weaker earnings and sales despite topping second-quarter profit and revenue estimates.
The company reported second-quarter adjusted earnings per share of 25 cents, beating the analyst consensus estimate of 9 cents.
Quarterly sales of $613.266 million (down 5% year over year) outpaced the Street view of $571.312 million.
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Quarterly gross profit decreased to $250.471 million, lower than $275.874 million a year ago.
Operating profit in the quarter under review decreased to $16.30 million from $41.464 million a year ago.
Adjusted EBITDA in the quarter under review decreased to $23.268 million, lower than $43.315 million a year ago.
The company exited the quarter …