G-III Apparel Group, whose portfolio includes brands Calvin Kelin, Tommy Hilfiger, and Levi's for the second quarter beat its “top and bottom-line guidance” and made progress on its strategic priorities, according to chair and CEO Morris Goldfarb.

Its net profit however shrunk to $16.4m from $36.3m the year earlier.

Goldfarb continued: “Our first half performance further validates G-III’s ability to successfully navigate what remains a dynamic environment. I am immensely proud of our team’s consistently strong execution.”

Key highlights from G-III Apparel Group Q2 results:

• Net sales of $659.8bn for the second quarter compared to $605.2bn last year
• Operating profit was reported at $31.5m from $31.3m the year before
• Net income: for the second quarter of $16.4m compared to $36.3m the prior year

Alongside the company’s results, it announced a strategic multi-year licence agreement with fellow US apparel company HanesBrands to manufacture an outwear collection for the Champion brand in North America.

“This license aligns with G-III's core competencies in outerwear and will fit seamlessly into our well-developed outerwear divisions," said Goldfarb.

G-III Apparel Group revised its guidance for the fiscal year ending 31 January 2024 and anticipates net sales of around £3.3bn in comparison to $3.23bn in the previous outlook.

G-III Apparel Group now expects a FY24 net income in the range of $145m to $150m, or between $3.05 and $3.15 per diluted share. This compares to a loss for the same period a year earlier of $133.1m.

Goldfarb stated that closing out strong in the first half of the year has given the company confidence to once again raise its outlook.

The clothing company upped its guidance back in June 2022 after announcing better-than-expected results in its first quarter.

Goldfarb explained: “Our balance sheet provides us with financial flexibility to invest in our business and consider additional opportunities.

“Agility is at the heart of everything we do at G-III and I am confident that we will continue to evolve, regardless of external factors. We will continue to drive our business forward and expect to deliver strong results for our shareholders.”