G-III Apparel Group Ltd. GIII, +12.77% shares soared 10.8% in Thursday trading after it reported fourth-quarter profit that blew past expectations and gave upbeat guidance. The Calvin Klein parent posted net income of $48.4 million, or 98 cents per share, up from $14.6 million, or 30 cents per share, last year. Sales of $748.2 million were up from $526.2 million. The FactSet consensus was for EPS of 63 cents and sales of $740.2 million. The company has increased the number of shares available in its repurchase plan to 10 million from 2.3 million. G-III is guiding for 2023 sales of about $3 billion and EPS of between $4.20 and $4.30. The FactSet consensus is for sales of $2.886 billion and EPS of $3.60. G-III stock is down 7.1% over the past year while the S&P 500 index SPX, -0.19% has gained 9.7%.
