G-III Apparel Group, Ltd. (NASDAQ:GIII) Q2 2023 Earnings Conference Call September 7, 2022 8:30 AM ET

Company Participants

Neal Nackman - Chief Financial Officer and Treasurer

Morris Goldfarb - Chairman and Chief Executive Officer

Conference Call Participants

Edward Yruma - Piper Sandler

Will Gartner - Wells Fargo

Jay Sole - UBS

Paul Kearney - Barclays

Noah Zatzkin - KeyBanc Capital Markets

Operator

Good day and thank you for standing by. Welcome to the G-III Apparel Group Second Quarter Fiscal 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today CFO, Neal Nackman. Please go ahead.

Neal Nackman

Thank you. Good morning, and thanks for joining us. Before we begin, I would like to remind participants that certain statements made on today's call and in the Q&A session may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees, and actual results may differ materially from those expressed or implied in forward-looking statements. Important factors that could cause actual results of operations or the financial condition of the company to differ are discussed in the documents filed by the company with the SEC. The company undertakes no duty to update any forward-looking statements.

In addition, during the call, we will refer to non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA, which are all non-GAAP financial measures. We have provided reconciliations of these non-GAAP financial measures to GAAP measures in our press release, which is also available on our website. Also disclosed in our press release for your reference on last year's GAAP to non-GAAP results by quarter.

I will now turn the call over to our Chairman and Chief Executive Officer, Morris Goldfarb.

Morris Goldfarb

Thank you, Neal, and thank you everybody for joining us. In the second quarter, we saw a strong demand for our brands and met our top line expectations. We continue to manage the business prudently with a keen eye towards gaining market share and building on our strengths, while further expanding our global reach. We remain confident in our strategy as the overall fundamentals of our business are incredibly solid.

G-III has a culture of entrepreneurship, agility and flexibility with a world-class leadership team and proven track record of navigating through tough environments. Despite solid top line performance, we were not immune to inflationary pressures and elevated costs in areas such as warehousing, transportation and raw materials, which led to bottom line net income per diluted share below our guidance.