G III Apparel Earnings 2020-10-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2020


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 0-18183

G-III APPAREL GROUP, LTD.

(Exact name of registrant as specified in its charter)


Delaware		41-1590959
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

512 Seventh Avenue, New York, New York		10018
(Address of principal executive offices)		(Zip Code)

(212) 403-0500

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	GIII	The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of December 4, 2020, there were 48,358,688 shares of issuer’s common stock, par value $0.01 per share, outstanding.

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TABLE OF CONTENTS

		Page No.
Part I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets – October 31, 2020, October 31, 2019 and January 31, 2020	3
	Condensed Consolidated Statements of Income and Comprehensive Income - For the Three and Nine Months Ended October 31, 2020 and 2019 (Unaudited)	4
	Condensed Consolidated Statements of Stockholders’ Equity – October 31, 2020 and October 31, 2019 (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows - For the Nine Months Ended October 31, 2020 and 2019 (Unaudited)	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34

Part II	OTHER INFORMATION
Item 1A.	Risk Factors	35
Item 6.	Exhibits	37

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


	October 31,		October 31,		January 31,
	2020		2019		2020
	(Unaudited)		(Unaudited)
	(In thousands, except per share amounts)
ASSETS
Current assets
Cash and cash equivalents	$	149,745	$	55,801	$	197,372
Accounts receivable, net of allowance for doubtful accounts of $15.5 million, $0.9 million and $0.7 million, respectively		720,975		899,029		530,137
Inventories		461,769		650,633		551,918
Prepaid income taxes		2,043		2,942		8,566
Prepaid expenses and other current assets		37,274		77,328		80,695
Total current assets		1,371,806		1,685,733		1,368,688
Investments in unconsolidated affiliates		62,177		62,231		61,987
Property and equipment, net		60,973		90,830		76,023
Operating lease assets		181,187		293,819		270,032
Other assets, net		36,722		34,389		32,629
Other intangibles, net		35,669		39,297		38,363
Deferred income tax assets, net		18,136		25,135		18,135
Trademarks		441,062		437,247		438,658
Goodwill		261,684		259,926		260,622
Total assets	$	2,469,416	$	2,928,607	$	2,565,137
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of notes payable	$	4,083	$	655	$	673
Accounts payable		157,654		215,217		204,786
Accrued expenses		125,675		137,402		101,838
Customer refund liabilities		120,395		260,040		233,418
Current operating lease liabilities		65,554		66,850		63,166
Income tax payable		8,702		32,029		8,468
Other current liabilities		21		1,056		1,611
Total current liabilities		482,084		713,249		613,960
Notes payable, net of discount and unamortized issuance costs		504,328		674,741		396,794
Deferred income tax liabilities, net		8,313		14,300		7,952
Noncurrent operating lease liabilities		157,983		260,010		249,040
Other noncurrent liabilities		6,441		6,005		6,719
Total liabilities		1,159,149		1,668,305		1,274,465

Stockholders' Equity
Preferred stock; 1,000 shares authorized; no shares issued		—		—		—
Common stock - $0.01 par value; 120,000 shares authorized; 49,396, 49,395 and, 49,396 shares issued, respectively		264		264		264
Additional paid-in capital		446,662		457,278		452,142
Accumulated other comprehensive loss		(11,194)		(23,060)		(18,008)
Retained earnings		902,041		867,850		893,138
Common stock held in treasury, at cost - 1,037, 1,570 and 1,386 shares, respectively		(27,506)		(42,030)		(36,864)
Total stockholders' equity		1,310,267		1,260,302		1,290,672
Total liabilities and stockholders' equity	$	2,469,416	$	2,928,607	$	2,565,137

The accompanying notes are an integral part of these statements.

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G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Three Months Ended October 31,				Nine Months Ended October 31,
	2020		2019		2020		2019

	(Unaudited)
	(In thousands, except per share amounts)
Net sales	$	826,561	$	1,128,403	$	1,528,904	$	2,405,847
Cost of goods sold		528,806		729,384		972,055		1,538,995
Gross profit		297,755		399,019		556,849		866,852
Selling, general and administrative expenses		177,625		246,580		454,347		644,887
Depreciation and amortization		10,187		9,701		29,745		28,963
Asset impairments, net of loss (gain) on lease modifications		(117)		(124)		17,372		(2,346)
Operating profit		110,060		142,862		55,385		195,348
Other income (loss)		225		677		112		(722)
Interest and financing charges, net		(18,681)		(12,518)		(38,237)		(33,623)
Income before income taxes		91,604		131,021		17,260		161,003
Income tax expense		28,430		35,634		8,357		42,454
Net income	$	63,174	$	95,387	$	8,903	$	118,549

NET INCOME PER COMMON SHARE:
Basic:
Net income per common share	$	1.31	$	2.00	$	0.18	$	2.45
Weighted average number of shares outstanding		48,359		47,768		48,201		48,333

Diluted:
Net income per common share	$	1.29	$	1.97	$	0.18	$	2.42
Weighted average number of shares outstanding		48,809		48,356		48,589		49,056

Net income	$	63,174	$	95,387	$	8,903	$	118,549
Other comprehensive income:
Foreign currency translation adjustments		7,066		(6,212)		6,814		(7,866)
Other comprehensive income (loss)		7,066		(6,212)		6,814		(7,866)
Comprehensive income	$	70,240	$	89,175	$	15,717	$	110,683

The accompanying notes are an integral part of these statements.

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G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY



					Accumulated				Common
			Additional		Other				Stock
	Common		Paid-In		Comprehensive		Retained		Held In
	Stock		Capital		Loss		Earnings		Treasury		Total

	(Unaudited)
	(In thousands)
Balance as of July 31, 2020	$	264	$	444,384	$	(18,260)	$	838,867	$	(27,506)	$	1,237,749
Share-based compensation expense		—		2,278		—		—		—		2,278
Other comprehensive income, net		—		—		7,066		—		—		7,066
Net income		—		—		—		63,174		—		63,174
Balance as of October 31, 2020	$	264	$	446,662	$	(11,194)	$	902,041	$	(27,506)	$	1,310,267

Balance as of July 31, 2019	$	264	$	456,195	$	(16,848)	$	772,463	$	(44,254)	$	1,167,820
Equity awards exercised/vested, net		—		(2,224)		—		—		2,224		—
Share-based compensation expense		—		4,308		—		—		—		4,308
Taxes paid for net share settlements		—		(1,001)		—		—		—		(1,001)
Other comprehensive income, net		—		—		(6,212)		—		—		(6,212)
Net income		—		—		—		95,387		—		95,387
Balance as of October 31, 2019	$	264	$	457,278	$	(23,060)	$	867,850	$	(42,030)	$	1,260,302

Balance as of January 31, 2020	$	264	$	452,142	$	(18,008)	$	893,138	$	(36,864)	$	1,290,672
Equity awards exercised/vested, net		—		(9,178)		—		—		9,358		180
Share-based compensation expense		—		4,015		—		—		—		4,015
Taxes paid for net share settlements		—		(317)		—		—		—		(317)
Other comprehensive income, net		—		—		6,814		—		—		6,814
Net income		—		—		—		8,903		—		8,903
Balance as of October 31, 2020	$	264	$	446,662	$	(11,194)	$	902,041	$	(27,506)	$	1,310,267

Balance as of January 31, 2019	$	264	$	464,112	$	(15,194)	$	758,881	$	(19,054)	$	1,189,009
Equity awards exercised/vested, net		—		(12,124)		—		—		12,240		116
Share-based compensation expense		—		13,657		—		—		—		13,657
Taxes paid for net share settlements		—		(8,367)		—		—		—		(8,367)
Other comprehensive loss, net		—		—		(7,866)		—		—		(7,866)
Repurchases of common stock		—		—		—		—		(35,216)		(35,216)
Cumulative effect of adoption of ASC 842		—		—		—		(9,580)		—		(9,580)
Net income		—		—		—		118,549		—		118,549
Balance as of October 31, 2019	$	264	$	457,278	$	(23,060)	$	867,850	$	(42,030)	$	1,260,302

The accompanying notes are an integral part of these statements.

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G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine Months Ended October 31,
	2020		2019

	(Unaudited)
	(In thousands)
Cash flows from operating activities
Net income	$	8,903	$	118,549
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		29,745		28,963
Loss on disposal of fixed assets		474		1,343
Non-cash operating lease costs		59,643		55,048
Gain on lease modifications		(2,539)		(2,346)
Asset impairments		19,911		—
Dividend received from unconsolidated affiliate		2,695		1,960
Equity gain in unconsolidated affiliates		(340)		(2,248)
Share-based compensation		4,015		13,657
Deferred financing charges and debt discount amortization		7,712		6,586
Extinguishment of deferred financing costs		6,503		—
Deferred income taxes		2		—
Changes in operating assets and liabilities:
Accounts receivable, net		(190,838)		(396,895)
Inventories		90,148		(74,250)
Income taxes, net		6,587		28,614
Prepaid expenses and other current assets		42,704		19,278
Other assets, net		(342)		(382)
Customer refund liabilities		(113,023)		16,450
Operating lease liabilities		(61,822)		(61,063)
Accounts payable, accrued expenses and other liabilities		(37,709)		26,567
Net cash used in operating activities		(127,571)		(220,169)

Cash flows from investing activities
Operating lease assets initial direct costs		(4,041)		(2,014)
Capital expenditures		(12,392)		(31,903)
Net cash used in investing activities		(16,433)		(33,917)

Cash flows from financing activities
Repayment of borrowings - revolving facility		(878,083)		(1,536,448)
Proceeds from borrowings - revolving facility		878,083		1,816,328
Repayment of borrowings - unsecured term loan		(300,262)		(338)
Proceeds from borrowings - unsecured term loan		7,103		3,380
Proceeds from borrowings - senior secured notes		400,000		—
Payment of financing costs		(13,276)		—
Proceeds from exercise of equity awards		180		116
Purchase of treasury shares		—		(35,216)
Taxes paid for net share settlements		(317)		(8,367)
Net cash provided by financing activities		93,428		239,455

Foreign currency translation adjustments		2,949		294
Net decrease in cash and cash equivalents		(47,627)		(14,337)
Cash and cash equivalents at beginning of period		197,372		70,138
Cash and cash equivalents at end of period	$	149,745	$	55,801

Supplemental disclosures of cash flow information
Cash payments:
Interest, net	$	14,864	$	25,822
Income tax payments, net	$	1,628	$	13,975

The accompanying notes are an integral part of these statements.

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G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Basis of Presentation

As used in these financial statements, the term “Company” or “G-III” refers to G-III Apparel Group, Ltd. and its subsidiaries. The Company designs, sources and markets an extensive range of apparel, including outerwear, dresses, sportswear, swimwear, women’s suits and women’s performance wear, as well as women’s handbags, footwear, small leather goods, cold weather accessories and luggage. The Company also operates retail stores and licenses its proprietary brands for several product categories.

The Company consolidates the accounts of its wholly-owned and majority-owned subsidiaries. KL North America B.V. (“KLNA”) and Fabco Holding B.V. (“Fabco”) are Dutch joint venture limited liability companies, each of which is 49% owned by the Company. See Note 16 – Subsequent Events with respect to an increase in the ownership of Fabco by the Company. Karl Lagerfeld Holding B.V. (“KLH”) is a Dutch limited liability company that is 19% owned by the Company. These investments are accounted for using the equity method of accounting. All material intercompany balances and transactions have been eliminated.

Vilebrequin International SA (“Vilebrequin”), a Swiss corporation that is wholly-owned by the Company, KLH, KLNA and Fabco report results on a calendar year basis rather than on the January 31 fiscal year basis used by the Company. Accordingly, the results of Vilebrequin, KLH, KLNA and Fabco are, and will be, included in the financial statements for the quarter ended or ending closest to the Company’s fiscal quarter end. For example, with respect to the Company’s results for the nine-month period ended October 31, 2020, the results of Vilebrequin, KLH, KLNA and Fabco are included for the nine-month period ended September 30, 2020. The Company’s retail operations segment reports on a 52/53-week fiscal year. The Company’s three and nine-month periods ended October 31, 2020 and 2019 were each 13-week and 39-week periods, respectively, for the retail operations segment. For fiscal 2021 and 2020, the three and nine-month periods for the retail operations segment ended on October 31, 2020 and November 2, 2019, respectively.

The results for the three and nine months ended October 31, 2020 are not necessarily indicative of the results expected for the entire fiscal year, given the seasonal nature of the Company’s business and the significant effects of the COVID-19 pandemic on the Company’s business. The accompanying financial statements included herein are unaudited. All adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations and cash flows for the interim period presented have been reflected.

The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020 filed with the Securities and Exchange Commission (the “SEC”).

Assets and liabilities of the Company’s foreign operations, where the functional currency is not the U.S. dollar (reporting currency), are translated from foreign currency into U.S. dollars at period-end rates, while income and expenses are translated at the weighted-average exchange rates for the period. The related translation adjustments are reflected as a foreign currency translation adjustment in accumulated other comprehensive loss within stockholders’ equity.

Accounting Policies

On April 10, 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A to respond to frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 outbreak. Consequently, for lease concessions related to the effects of the COVID-19 outbreak, an entity will not have to analyze each lease to determine whether the enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those leases. Entities may make the elections for any lessor-provided concessions related to the effects of the outbreak (e.g., deferrals of lease payments, lease payment forgiveness, cash payments made to the lessee or reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company has elected to not apply the lease modification guidance for contracts with COVID-19 related rent concessions. As of October 31, 2020, the Company has $11.0 million of deferred lease payments recorded within accounts payable on its condensed consolidated balance sheets.

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Liquidity and Impact of COVID-19

The Company relies on its cash flows generated from operations and the borrowing capacity under its credit facilities to meet the cash requirements of its business. The primary cash requirements of its business are the seasonal buildup in inventory, compensation paid to employees, payments to suppliers in the normal course of business, capital expenditures, maturities of debt and related interest payments and income tax payments. The rapid expansion of the COVID-19 pandemic resulted in a sharp decline in net sales in the first, second and, to a lesser extent, third quarters of fiscal 2021. It also resulted in the Company recognizing a net loss in the first and second quarters and a significant reduction in net income in the third quarter. The Company is focused on preserving its liquidity and managing its cash flow during these unprecedented conditions. The Company had taken preemptive actions to enhance its ability to meet its short-term liquidity needs, including, but not limited to, reducing payroll costs through employee furloughs, job eliminations, salary reductions, reductions in marketing and other discretionary spending, deferring certain lease payments and deferral of capital projects. During the quarter ended October 31, 2020, certain furloughed employees were reinstated and salaries that had been reduced were increased to their pre-pandemic levels. The Company has received royalty relief from certain licensors and continues to negotiate with licensors for additional relief.

As of October 31, 2020, the Company had cash and cash equivalents of $149.7 million and availability under its revolving credit facility in excess of $600.0 million. The Company believes it has adequate cash flows to meet the cash requirements of its business. As of October 31, 2020, the Company was in compliance with all covenants under its senior secured notes and revolving credit facility. On August 7, 2020, the Company refinanced its term loan and revolving credit facility. See Note 9 – Notes Payable.

Note 2 – Retail Restructuring

In June 2020, the Company announced the restructuring of its retail operations segment including the closing of all Wilsons Leather and G.H. Bass stores. Additionally, the Company is also closing its Calvin Klein Performance stores. In connection with the restructuring of the retail operations segment, the Company expects to incur an aggregate charge of approximately $100 million related to store operating costs, landlord termination fees, severance costs, store liquidation and closing costs, write-offs related to right-of-use assets and legal and professional fees. The Company expects the net cash outflow from the retail restructuring to be approximately $65 million.

As a result of the restructuring of the Company’s retail operations, the Company recorded an aggregate charge of $2.2 million during the nine months ended October 31, 2020. The charge consisted primarily of severance payments, benefit continuation costs and store closing costs. Restructuring charges are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of income and comprehensive income. The following is a reconciliation of the accrual for the quarter ended October 31, 2020:



	Severance and Benefit Costs		Store Closing Costs		Total

	(In thousands)
Balance at April 30, 2020	$	—	$	—	$	—
Amounts charged to expense		480		792		1,272
Cash payments		(26)		—		(26)
Balance at July 31, 2020	$	454	$	792	$	1,246
Amounts charged to expense		892		—		892
Cash payments		(328)		(277)		(605)
Balance at October 31, 2020	$	1,018	$	515	$	1,533

The Company has accounted for the remaining rent and termination payments under Accounting Standards Codification (“ASC”) 842 – Leases. As of October 31, 2020, the total operating lease liability related to Wilsons Leather, G.H Bass, and Calvin Klein Performance stores is $28.0 million and will be paid during the fiscal quarter ending January 31, 2021.

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Note 3 – Allowance for Doubtful Accounts

On February 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which had no material impact on the Company’s financial statements. The Company’s financial instruments consist of trade receivables arising from revenue transactions in the ordinary course of business. The Company considers its trade receivables to consist of two portfolio segments: wholesale and retail trade receivables. Wholesale trade receivables result from credit the Company has extended to its wholesale customers based on pre-defined criteria and are generally due within 30 to 60 days. Retail trade receivables primarily relate to amounts due from third-party credit card processors for the settlement of debit and credit card transactions and are typically collected within 3 to 5 days.

The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2020 were:


	October 31, 2020
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	734,481	$	1,968	$	736,449
Allowance for doubtful accounts		(15,437)		(37)		(15,474)
Accounts receivable, net	$	719,044	$	1,931	$	720,975

The allowance for doubtful accounts for wholesale trade receivables is estimated based on several factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (such as in the case of bankruptcy filings (including potential bankruptcy filings), extensive delay in payment or substantial downgrading by credit rating agencies), a specific reserve for bad debts is recorded against amounts due from that customer to reduce the net recognized receivable to the amount reasonably expected to be collected. For all other wholesale customers, an allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the end of the reporting period for financial statements, assessments of collectability based on historical trends and an evaluation of the impact of economic conditions. The Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts.

The allowance for doubtful accounts for retail trade receivables is estimated at the credit card chargeback rate applied to the previous 90 days of credit card sales. In addition, the Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts.

During the three and nine months ended October 31, 2020, the Company recorded a $4.3 million and $14.9 million increase in its allowance for doubtful accounts primarily due to allowances recorded against the outstanding receivables of certain department store customers that have publicly announced bankruptcy filings or possible bankruptcy filings. The Company had the following activity in its allowance for credit losses for the nine months ended October 31, 2020:


	October 31, 2020
	Wholesale		Retail		Total

	(In thousands)
Balance as of January 31, 2020	$	(628)	$	(82)	$	(710)
Provision for credit losses		(14,919)		45		(14,874)
Accounts written off as uncollectible		110		—		110
Balance as of October 31, 2020	$	(15,437)	$	(37)	$	(15,474)

Note 4 – Inventories

Wholesale inventories, which comprise a significant portion of the Company’s inventory, are stated at the lower of cost (determined by the first-in, first-out method) or net realizable value. Retail inventories are valued at the lower of cost or market as determined by the retail inventory method. Vilebrequin inventories are stated at the lower of cost (determined by the weighted average method) or net realizable value. Substantially all of the Company’s inventories consist of finished goods.

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The inventory return asset, which consists of the amount of goods that are anticipated to be returned by customers, represented $20.6 million, $41.9 million and $31.0 million as of October 31, 2020, October 31, 2019 and January 31, 2020, respectively. The inventory return asset is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.

Inventory held on consignment by the Company’s customers totaled $4.8 million, $11.0 million and $9.1 million at October 31, 2020, October 31, 2019 and January 31, 2020, respectively. Consignment inventory is stored at the facilities of the Company’s customers. The Company reflects this inventory on its condensed consolidated balance sheets.

Note 5 – Fair Value of Financial Instruments

Generally Accepted Accounting Principles establish a three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy for a particular asset or liability depends on the inputs used in its valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally-derived (unobservable). A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

●

Level 1 — inputs to the valuation methodology based on quoted prices (unadjusted) for identical assets or liabilities in active markets.

Price	24.69	EPS	3
Shares	49	P/E	8
MCap	1,211	P/FCF	-6
Net Debt	619	EBIT	191
TEV	1,830	TEV/EBIT	10
TTM 2019-10-31, in MM, except price, ratios

10-Q	2020-10-31	Filed 2020-12-10
10-Q	2020-07-31	Filed 2020-09-09
10-Q	2020-04-30	Filed 2020-06-09
10-K	2020-01-31	Filed 2020-03-30
10-Q	2019-10-31	Filed 2019-12-06
10-Q	2019-07-31	Filed 2019-09-06
10-Q	2019-04-30	Filed 2019-06-10
10-K	2019-01-31	Filed 2019-03-28
10-Q	2018-10-31	Filed 2018-12-06
10-Q	2018-07-31	Filed 2018-09-06
10-Q	2018-04-30	Filed 2018-06-11
10-K	2018-01-31	Filed 2018-04-02
10-Q	2017-10-31	Filed 2017-12-08
10-Q	2017-07-31	Filed 2017-09-08
10-Q	2017-04-30	Filed 2017-06-09
10-K	2017-01-31	Filed 2017-04-03
10-Q	2016-10-31	Filed 2016-12-06
10-Q	2016-07-31	Filed 2016-09-01
10-Q	2016-04-30	Filed 2016-06-02
10-K	2016-01-31	Filed 2016-03-29
10-Q	2015-10-31	Filed 2015-12-04
10-Q	2015-07-31	Filed 2015-09-03
10-Q	2015-04-30	Filed 2015-06-05
10-K	2015-01-31	Filed 2015-03-30
10-Q	2014-10-31	Filed 2014-12-09
10-Q	2014-07-31	Filed 2014-09-08
10-Q	2014-04-30	Filed 2014-06-05
10-K	2014-01-31	Filed 2014-03-31
10-Q	2013-10-31	Filed 2013-12-09
10-Q	2013-07-31	Filed 2013-09-09
10-Q	2013-04-30	Filed 2013-06-10
10-K	2013-01-31	Filed 2013-04-12
10-Q	2012-10-31	Filed 2012-12-10
10-Q	2012-07-31	Filed 2012-09-10
10-Q	2012-04-30	Filed 2012-06-07
10-K	2012-01-31	Filed 2012-04-11
10-Q	2011-10-31	Filed 2011-12-09
10-Q	2011-07-31	Filed 2011-09-08
10-Q	2011-04-30	Filed 2011-06-09
10-K	2011-01-31	Filed 2011-04-14
10-Q	2010-10-31	Filed 2010-12-10
10-Q	2010-07-31	Filed 2010-09-09
10-Q	2010-04-30	Filed 2010-06-07
10-K	2010-01-31	Filed 2010-04-15

8-K	2020-12-08	Earnings, Exhibits
8-K	2020-09-24
8-K	2020-09-09
8-K	2020-08-07
8-K	2020-07-30
8-K	2020-07-28
8-K	2020-06-11
8-K	2020-06-04
8-K	2020-03-31
8-K	2020-03-24
8-K	2020-03-19
8-K	2019-12-04
8-K	2019-09-05
8-K	2019-06-13
8-K	2019-06-05
8-K	2019-04-17
8-K	2019-03-21
8-K	2018-12-06
8-K	2018-09-06
8-K	2018-06-14
8-K	2018-06-05
8-K	2018-06-05
8-K	2018-04-26
8-K	2018-03-22

EX-10.1	giii-20201031xex10d1.htm
EX-31.1	giii-20201031xex31d1.htm
EX-31.2	giii-20201031xex31d2.htm
EX-32.1	giii-20201031xex32d1.htm
EX-32.2	giii-20201031xex32d2.htm

GIII 10Q Quarterly Report

G III Apparel Earnings 2020-10-31