G-III Apparel Group, Ltd. (NASDAQ:GIII) Q3 2024 Earnings Call Transcript December 5, 2023 8:30 AM ET

Company Participants

Neal Nackman - CFO

Morris Goldfarb - Chairman and CEO

Conference Call Participants

Will Gaertner - Wells Fargo

Mauricio Serna - UBS

Paul Kearney - Barclays

Ashley Owens - KeyBanc

Dana Telsey - Telsey Advisory Group

Operator

Good day, and thank you for standing by. Welcome to the G-III Apparel Group Third Quarter Fiscal 2024 Earnings 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 turn the conference over to Neal Nackman, Chief Financial Officer. Please go ahead.

Neal Nackman

Good morning, and thank you 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.

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

Morris Goldfarb

Thank you, Neal, and thank you everyone for joining us. We recorded strong profitability in the third quarter, well-exceeding our bottom-line guidance. Our strong year-to-date results showcase G-III's ability to successfully navigate challenging market conditions. Over the years, we have a proven track record of evolving to drive our business and to meet the needs of customers in an ever-changing landscape.

Before I review our third quarter results, I want to take a moment to recognize all that we have done over the last 12 months since we announced the staggered license terminations of the Calvin Klein and Tommy Hilfiger brands. We noted that this change will allow us time to accelerate our long-term strategic priorities. Since then, we've delivered, we move quickly to develop four new initiatives and have made significant progress with our existing business. Our new initiatives include the repositioning and expansion of Donna Karen, which will launch this spring in over 200 doors. We will build 150 branded shop-in-shops and develop new licenses to extend the brand's new positioning and reach.