8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) June 3, 2009

G-III APPAREL GROUP, LTD.

(Exact name of registrant as specified in its charter)

Delaware	0-18183	41-1590959
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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

Registrant’s telephone number, including area code: (212) 403-0500

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
	Item 9.01 Financial Statements and Exhibits.
SIGNATURE
EXHIBIT INDEX
EX-99.1

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On June 3, 2009, G-III Apparel Group, Ltd. (the “Company”) announced its results of operations for the first fiscal quarter ended April 30, 2009. A copy of the press release issued by the Company relating thereto is furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(a)	Financial Statements of Businesses Acquired.
	None.
(b)	Pro Forma Financial Information.
	None.
(c)	Shell Company Transactions
	None.
(d)	Exhibits.

99.1 Press release of G-III Apparel Group, Ltd. issued on June 3, 2009 relating to its first quarter fiscal 2010 results.

Limitation on Incorporation by Reference

In accordance with General Instruction B.2 of Form 8-K, the information reported under Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such a filing.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

G-III APPAREL GROUP, LTD.
 

Date: June 3, 2009

By:	/s/ Neal S. Nackman
	Name:	Neal S. Nackman
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit
No.	Description
99.1	Press release of G-III Apparel Group, Ltd. issued on June 3, 2009 relating to its first quarter fiscal 2010 results.

EX-99.1

Exhibit 99.1

G-III APPAREL GROUP, LTD.

For:	G-III Apparel Group, Ltd.
	Contact: Investor Relations James Palczynski (203) 682-8229
	G-III Apparel Group, Ltd. Wayne S. Miller, Chief Operating Officer (212) 403-0500

G-III APPAREL GROUP, LTD. ANNOUNCES FIRST QUARTER
FISCAL 2010 RESULTS

—Reports Lower Than Expected Seasonal Loss Per Share of $0.41 —
—Dress and sportswear initiatives exceed expectations—

     New York, New York — June 3, 2009 — G-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced operating results for the first quarter of fiscal 2010. For the quarter ended April 30, 2009, G-III reported that net sales increased by 53.8% to $115.9 million from $75.4 million in the year-ago period. The Company’s net loss for the quarter was $0.41 per share compared to a net loss per share of $0.42 in the prior comparable period. The Company noted that improved operating profitability in its dress and women’s sportswear businesses was offset by the seasonal losses associated with the Company’s Wilsons retail outlet business, which are not included in the year-ago results.

     Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We are pleased with the better than expected start for the year, particularly given the challenging market environment. We remain excited about the performance of our dress and sportswear businesses, with each continuing to demonstrate strong sell-throughs in their respective departments.”

     Mr. Goldfarb continued, “We have cut costs, controlled our inventory and positioned our business to perform well. This is particularly true in our Wilsons business, where we are working hard to create a more efficient and effective merchandising capability. While our expectations for the current year with respect to Wilsons are modest, we believe we are on a path to demonstrate significant value in this business. We have also continued to position and leverage our Andrew Marc branded business and are pleased to have added new licenses for men’s cold weather accessories and women’s handbags to our existing licenses for women’s shoes and men’s accessories.”

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     Mr. Goldfarb concluded, “Given the increased value offered in our merchandise mix, the appropriateness of our inventory level and the strength of our branded portfolio, our expectations are good for both sales and margin for the remainder of the year.”

Outlook

     The Company is forecasting net sales of approximately $135 million for its second fiscal quarter ending July 31, 2009, compared to $113.5 million in the prior year’s second fiscal quarter. The Company is also forecasting a net loss of $4.8 million to $5.4 million, or between $0.28 and $0.32 per share, compared to a net loss of $3.9 million, or $0.23 per share, in last year’s second quarter. The increased net loss expected during the quarter is due primarily to the incremental loss realized as a result of the seasonal nature of the Wilsons retail outlet business, which was owned by the Company for only three weeks in the second quarter last year, and a continued shift in outerwear sales to more closely match the retail selling season.

About G-III Apparel Group, Ltd.

     G-III is a leading manufacturer and distributor of outerwear and sportswear under licensed brands, our own brands and private label brands. G-III has fashion licenses under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Jessica Simpson, Nine West, Ellen Tracy, Tommy Hilfiger, Levi’s and Dockers brands and sports licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Touch by Alyssa Milano and more than 100 U.S. colleges and universities. G-III sells outerwear and handbags under our own Andrew Marc and Marc New York brands and has licensed these brands for women’s footwear, men’s accessories, women’s handbags and men’s cold weather accessories. Our other owned brands include Marvin Richards, G-III, Jessica Howard, Eliza J., Black Rivet, Siena Studio, Tannery West, G-III by Carl Banks and Winlit. G-III works with a diversified group of retailers in developing product lines to be sold under their proprietary private labels. G-III also operates 121 retail stores, of which 119 are outlet stores operated under the Wilsons Leather name.

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Safe Harbor Language

     Statements concerning G-III’s business outlook or future economic performance, anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters are “forward-looking statements” as that term is defined under the Federal Securities laws. Forward-looking statements are subject to risks, uncertainties and factors which include, but are not limited to, reliance on licensed product, reliance on foreign manufacturers, risks of doing business abroad, the current economic and credit crisis, the nature of the apparel industry, including changing customer demand and tastes, customer concentration, seasonality, risks of operating a retail business, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions and general economic conditions, as well as other risks detailed in G-III’s filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.

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G-III APPAREL GROUP, LTD. AND SUBSIDIARIES

(NASDAQGS: GIII)
CONSOLIDATED STATEMENTS OF OPERATIONS AND
SELECTED BALANCE SHEET DATA

(In thousands, except per share amounts)

	First Quarter Ended April 30,
	(Unaudited)
	2009			2008
Net sales	$	115,933		$	75,396
Cost of sales		84,718			57,859
Gross profit		31,215			17,537
Selling, general and administrative expenses		40,883			27,165
Depreciation and amortization		1,404			1,580
Operating loss		(11,072	)		(11,208	)
Interest and financing charges, net		685			566
Loss before income taxes		(11,757	)		(11,774	)
Income tax benefit		(4,938	)		(4,886	)
Net loss	$	(6,819	)	$	(6,888	)
Net loss per common share:
Basic and Diluted	$	(0.41	)	$	(0.42	)
Weighted average shares outstanding (Basic and Diluted)		16,696			16,482

	At April 30,
Balance Sheet Data (in thousands):	2009		2008
Cash	$	2,262	$	2,566
Working Capital		93,481		83,147
Inventory		89,354		57,642
Total Assets		244,568		236,583
Short-term Revolving Debt		31,080		26,177
Total Stockholders’ Equity	$	155,825	$	167,434

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