G III APPAREL GROUP LTD /DE/ (GIII) FY2025 10-K Annual Report
Filed: Mar 24, 2025
Consumer Discretionary
Apparel & Other Finishd Prods of Fabrics & Similar MatlSEC EDGAR G III APPAREL GROUP LTD /DE/ (GIII) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 24, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
G III APPAREL GROUP LTD /DE/ FY2025 10-K Analysis
Business Overview
- • Core business: Design, manufacture, and marketing of apparel and accessories primarily through wholesale and retail channels
- • New equity compensation plan introduced: 2023 Long-Term Incentive Plan with 1,554,515 shares available for future issuance
- • Strategic emphasis on management and governance updates, including new employment agreements and amended incentive plans in 2023-2024
- • Notable financials: Net income $193.3M for FY2025, up from $174.7M in FY2024, operating profit $293.1M vs $283.3M prior year
- • Material weakness identified in internal controls over IT general controls affecting financial reporting for fiscal 2025
Management Discussion & Analysis
- • Net sales: $3.069B in fiscal 2025; Calvin Klein/Tommy Hilfiger licenses down $188.4M YoY; DKNY, Donna Karan, Karl Lagerfeld up $254.4M
- • Operating segments: Wholesale strongest with major licensed brands; Retail has 49 stores, primarily outlets in North America
- • Operating margin not explicitly stated, but owned brands show higher gross profit percentages than licensed products
- • Redeemed $400M senior secured notes in Aug 2024; Revolving credit extended to $700M maturity June 2029; $82.7M capex in FY25 including strategic investments
- • Management guidance: Focus on growing owned brands, international expansion, digital initiatives; risk from license expirations, tariffs, inflation, supply chain disruptions
Risk Factors
- • Regulatory/legal risk: PVH license expiration Dec 31, 2024, with PVH producing Calvin Klein/Tommy Hilfiger products itself, risking 34% of net sales
- • Geopolitical/macroeconomic threat: Middle East conflicts disrupting Suez Canal shipping, increasing transit times and costs to US East Coast and Europe
- • Operational/supply chain vulnerability: Port strikes on US East Coast, Gulf Coast, and Canada causing shipping delays and increased freight costs in fiscal 2025
- • Competitive/market disruption risk: Customers developing private label brands or exclusive national brand agreements, risking reduction of purchases from G-III
- • Financial/structural risk: Customer concentration with top 10 customers representing 69.6% of net sales in fiscal 2025, Macy’s alone 18.0%
G III APPAREL GROUP LTD /DE/ FY2025 Key Financial MetricsXBRL
Revenue
$3.2B
▲ +2.7% YoY
Net Income
$194M
▲ +9.9% YoY
Gross Margin
40.8%
▲ +74bp YoY
Operating Margin
9.2%
▲ +7bp YoY
Net Margin
6.1%
▲ +40bp YoY
ROE
11.5%
▲ +16bp YoY
Total Assets
$2.5B
▼ -7.4% YoY
EPS (Diluted)
$4.20
▲ +12.0% YoY
Operating Cash Flow
$316M
▼ -46.2% YoY
Source: XBRL data from G III APPAREL GROUP LTD /DE/ FY2025 10-K filing on SEC EDGAR. All figures in USD.
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