Short answer
G III APPAREL GROUP LTD /DE/ (GIII) filed its fiscal 2025 10-K annual report with the SEC on Mar 24, 2025. It reported revenue of $3.2B (+2.7% year over year) and net income of $194M.
- Top risk flagged: Regulatory/legal risk: PVH license expiration Dec 31, 2024, with PVH producing Calvin Klein/Tommy Hilfiger products itself, risking 34% of net sales
FY2025 key financial metrics · XBRL
- Revenue
- $3.2B
- +2.7% YoY
- Net income
- $194M
- +9.9% YoY
- Operating margin
- 9.2%
- +0.1 pp YoY
- Gross margin
- 40.8%
- +0.7 pp YoY
- EPS (diluted)
- $4.20
- +12.0% YoY
- ROE
- 11.5%
- +0.2 pp YoY
- Operating cash flow
- $316M
- −46.2% YoY
Source: XBRL data from the G III APPAREL GROUP LTD /DE/ (GIII) FY2025 10-K on SEC EDGAR. USD.
G III APPAREL GROUP LTD /DE/ FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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%
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