Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Apr. 30, 2014 | Jun. 01, 2014 | |
Document And Entity Information Abstract | ' | ' |
Entity Registrant Name | 'G III APPAREL GROUP LTD /DE/ | ' |
Entity Central Index Key | '0000821002 | ' |
Trading Symbol | 'giii | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 20,541,266 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Apr-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS | ' | ' | ' |
Cash and cash equivalents | $23,610 | $22,091 | $20,620 |
Accounts receivable, net of allowances for doubtful accounts and sales discounts of $51,034, $35,585 and $54,987, respectively | 145,010 | 160,010 | 151,841 |
Inventories | 322,659 | 359,639 | 242,072 |
Prepaid income taxes | 16,529 | 6,807 | 2,226 |
Deferred income taxes, net | 16,331 | 16,331 | 10,290 |
Prepaid expenses and other current assets | 26,796 | 21,312 | 24,392 |
Total current assets | 550,935 | 586,190 | 451,441 |
PROPERTY AND EQUIPMENT, NET | 69,080 | 62,832 | 43,912 |
OTHER ASSETS | 32,848 | 31,259 | 20,323 |
OTHER INTANGIBLES, NET | 13,741 | 13,926 | 12,905 |
TRADEMARKS, NET | 80,959 | 81,086 | 74,285 |
GOODWILL | 55,572 | 55,604 | 61,359 |
TOTAL ASSETS | 803,135 | 830,897 | 664,225 |
CURRENT LIABILITIES | ' | ' | ' |
Notes payable | 62,950 | 48,843 | 76,088 |
Accounts payable | 103,382 | 131,241 | 69,682 |
Accrued expenses | 36,839 | 56,468 | 30,403 |
Due to noncontrolling shareholder | 5,146 | 4,674 | 2,444 |
Total current liabilities | 208,317 | 241,226 | 178,617 |
NOTES PAYABLE | 20,537 | 20,560 | 19,231 |
DEFERRED INCOME TAXES, NET | 22,078 | 22,100 | 16,316 |
CONTINGENT PURCHASE PRICE PAYABLE | 5,544 | 5,550 | 5,627 |
OTHER NON- CURRENT LIABILITIES | 20,154 | 19,465 | 13,280 |
TOTAL LIABILITIES | 276,630 | 308,901 | 233,071 |
STOCKHOLDERS' EQUITY | ' | ' | ' |
Preferred stock; 1,000,000 shares authorized; No shares issued and outstanding | ' | ' | ' |
Common stock - $.01 par value; 80,000,000 shares authorized; 21,033,491, 20,735,127 and 20,935,804 shares issued | 210 | 209 | 208 |
Additional paid-in capital | 188,294 | 184,841 | 174,389 |
Accumulated other comprehensive income | 6,129 | 6,165 | 1,144 |
Retained earnings | 337,088 | 335,797 | 259,556 |
Common stock held in treasury, at cost - 492,225 shares | -3,899 | -3,899 | -3,899 |
Total G-III stockholders' equity | 527,822 | 523,113 | 431,398 |
Noncontrolling interest | -1,317 | -1,117 | -244 |
Total stockholders' equity | 526,505 | 521,996 | 431,154 |
Total liabilities and shareholders' equity | $803,135 | $830,897 | $664,225 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Statement Of Financial Position [Abstract] | ' | ' | ' |
Allowance for doubtful accounts and sales discounts on accounts receivable (in dollars) | $51,034 | $54,987 | $35,585 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 | 80,000,000 |
Common stock, shares issued | 21,033,491 | 20,935,804 | 20,735,127 |
Treasury stock, shares | 492,225 | 492,225 | 492,225 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $366,192 | $272,615 |
Cost of goods sold | 236,015 | 180,223 |
Gross profit | 130,177 | 92,392 |
Selling, general and administrative expenses | 122,441 | 85,828 |
Depreciation and amortization | 4,227 | 3,121 |
Operating profit | 3,509 | 3,443 |
Interest and financing charges, net | 1,752 | 1,777 |
Income before income taxes | 1,757 | 1,666 |
Income tax expense | 668 | 633 |
Net income | 1,089 | 1,033 |
Add: Loss attributable to noncontrolling interest | 201 | 85 |
Income attributable to G-III | 1,290 | 1,118 |
Basic: | ' | ' |
Net income per common share (in dollars per share) | $0.06 | $0.06 |
Weighted average number of shares outstanding (in shares) | 20,488 | 20,161 |
Diluted: | ' | ' |
Net income per common share (in dollars per share) | $0.06 | $0.05 |
Weighted average number of shares outstanding (in shares) | 21,022 | 20,402 |
Net income attributable to G-III | 1,290 | 1,118 |
Other comprehensive loss: | ' | ' |
Foreign currency translation adjustments | -36 | -2,379 |
Other comprehensive loss | -36 | -2,379 |
Comprehensive income (loss) | $1,254 | ($1,261) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $1,089 | $1,033 |
Adjustments to reconcile net income to net cash used in operating activities, net of assets and liabilities acquired: | ' | ' |
Depreciation and amortization | 4,227 | 3,121 |
Equity based compensation | 2,923 | 1,980 |
Tax benefit from exercise/vesting of equity awards | 4,290 | 1,989 |
Deferred financing charges | 180 | 165 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 14,945 | 26,234 |
Inventories | 37,010 | 38,645 |
Income taxes, net | -9,722 | -14,420 |
Prepaid expenses and other current assets | -5,435 | -4,656 |
Other assets, net | -2,036 | -11,639 |
Accounts payable, accrued expenses and other liabilities | -50,794 | -56,614 |
Net cash used in operating activities | -3,323 | -14,162 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -10,125 | -4,579 |
Net cash used in investing activities | -10,125 | -4,579 |
Cash flows from financing activities | ' | ' |
Proceeds from notes payable, net | 14,107 | 11,088 |
Proceeds from exercise of equity awards | 558 | 236 |
Excess tax benefit from exercise/vesting of equity awards | 4,290 | 1,292 |
Taxes paid for net share settlement | -4,316 | -946 |
Noncontrolling interest investment, net | 472 | ' |
Loss attributable to noncontrolling interest | ' | 85 |
Net cash provided by financing activities | 15,111 | 11,755 |
Foreign currency translation adjustments | -144 | 246 |
Net increase (decrease) in cash and cash equivalents | 1,519 | -6,740 |
Cash and cash equivalents at beginning of period | 22,091 | 27,360 |
Cash and cash equivalents at end of period | 23,610 | 20,620 |
Cash paid during the year for: | ' | ' |
Interest | 1,208 | 1,805 |
Income taxes | $6,055 | $12,962 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Apr. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
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, manufactures and markets an extensive range of apparel, including outerwear, dresses, sportswear, swimwear, women’s suits and women’s performance wear, as well as footwear, luggage and women’s handbags, small leather goods and cold weather accessories. The Company also operates retail stores. | |
The Company consolidates the accounts of all its wholly-owned and majority-owned subsidiaries. All material intercompany balances and transactions have been eliminated. Vilebrequin International SA (“Vilebrequin”), a Swiss corporation, and the Company’s joint venture that operates Calvin Klein Performance retail stores in mainland China and Hong Kong, G-T (International) Fashion Company Limited (“G-T Fashion”), 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 and G-T Fashion are and will be included in the financial statements for the quarter ended or ending closest to the Company’s fiscal quarter. For example, in this Form 10-Q for the quarter ended April 30, 2014, the results of Vilebrequin and G-T Fashion are included for the three month period ended March 31, 2014. | |
The results for the three month period ended April 30, 2014 are not necessarily indicative of the results expected for the entire fiscal year, given the seasonal nature of the Company’s business. The accompanying financial statements included herein are unaudited. In the opinion of management, 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, 2014 filed with the Securities and Exchange Commission. |
Acquisition_of_GH_Bass
Acquisition of G.H. Bass | 3 Months Ended |
Apr. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisition of G.H. Bass | ' |
Note 2 – Acquisition of G.H. Bass | |
On November 4, 2013, G-III Apparel Group, Ltd. and its indirect wholly-owned subsidiary, AM Retail Group, Inc (“AM Retail Group”) entered into an asset purchase agreement with PVH Retail Stores LLC, PVH Corp. and PVH of Puerto Rico, Inc., providing for the sale to AM Retail Group of substantially all of the assets of the G.H. Bass & Co. (“G.H. Bass”) business, including approximately 160 G.H. Bass & Co. outlet stores. The purchase price was $49.2 million in cash. | |
G.H. Bass & Co. is a well-known heritage brand that embodies classic American style. The Company sells G.H. Bass & Co. footwear, apparel and accessories primarily through approximately 160 outlet stores located in the United States. The Company also licenses the brand for the wholesale distribution of men’s and women’s footwear and men’s sportswear. | |
The results of G.H. Bass have been included in these consolidated financial statements since the date of acquisition. |
Inventories
Inventories | 3 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Inventories | ' | ||||||||||||
Note 3 – Inventories | |||||||||||||
Wholesale inventories are stated at the lower of cost (determined by the first-in, first out method) or market which comprises a significant portion of the Company’s inventory. 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 market. Inventories consist of: | |||||||||||||
30-Apr-14 | 30-Apr-13 | 31-Jan-14 | |||||||||||
(In thousands) | |||||||||||||
Finished goods | $ | 310,907 | $ | 229,268 | $ | 350,627 | |||||||
Raw materials and work-in-process | 11,752 | 12,804 | 9,012 | ||||||||||
$ | 322,659 | $ | 242,072 | $ | 359,639 |
Net_Income_per_Common_Share
Net Income per Common Share | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income per Common Share | ' | ||||||||
Note 4 – Net Income per Common Share | |||||||||
Basic net income per common share has been computed using the weighted average number of common shares outstanding during each period. Diluted net income per share is computed using the weighted average number of common shares and potential dilutive common shares, consisting of unvested restricted stock awards and stock options outstanding, during the period. In addition, all share based payments outstanding that vest based on the achievement of performance conditions, and for which the respective performance conditions have not been achieved, have been excluded from the diluted per share calculation. Approximately 325,500 shares of common stock have been excluded from the diluted net income per share calculation for the three months ended April 30, 2014. For the three months ended April 30, 2014 and 2013, 97,687 and 118,170 shares of common stock, respectively, were issued in connection with the exercise or vesting of equity awards. | |||||||||
The reconciliation between basic and diluted net income per share is as follows: | |||||||||
Three Months Ended | |||||||||
April 30, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share amounts) | |||||||||
Net income attributable to G-III | $ | 1,290 | $ | 1,118 | |||||
Basic net income per share: | |||||||||
Basic common shares | 20,488 | 20,161 | |||||||
Basic net income per share | $ | 0.06 | $ | 0.06 | |||||
Diluted net income per share: | |||||||||
Basic common shares | 20,488 | 20,161 | |||||||
Stock options and restricted stock awards | 534 | 241 | |||||||
Diluted common shares | 21,022 | 20,402 | |||||||
Diluted net income per share | $ | 0.06 | $ | 0.05 |
Notes_Payable_and_Other_Liabil
Notes Payable and Other Liabilities | 3 Months Ended |
Apr. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Notes Payable and Other Liabilities | ' |
Note 5 – Notes Payable and Other Liabilities | |
The Company’s credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent for a group of lenders, is a five year senior secured credit facility through August 2017 providing for borrowings in the aggregate principal amount of up to $450 million. Amounts available under the credit agreement are subject to borrowing base formulas and over advances as specified in the credit agreement. As of April 30, 2014, there was $160.9 million available under the credit agreement. | |
Borrowings bear interest, at the Company’s option, at LIBOR plus a margin of 1.5% to 2.0% or prime plus a margin of 0.5% to 1.0%, with the applicable margin determined based on availability under the credit agreement. The credit agreement requires the Company to maintain a minimum fixed charge coverage ratio, as defined, under certain circumstances and prohibited payments for cash dividends, stock redemptions and share repurchases until February 2014, after which such payments may be made subject to compliance with certain covenants. As of April 30, 2014, the Company was in compliance with these covenants. | |
The credit agreement is secured by all of the assets of G-III Apparel Group, Ltd. and its subsidiaries, G-III Leather Fashions, Inc., Riviera Sun, Inc., CK Outerwear, LLC, Andrew & Suzanne Company Inc., AM Retail Group, Inc., G-III Apparel Canada ULC, G-III License Company, LLC and AM Apparel Holdings, Inc. | |
Amounts payable under the Company’s credit agreement were $63.0 million at April 30, 2014 and $76.1 million at April 30, 2013. | |
In August 2012, as part of the purchase price in connection with the Company’s acquisition of Vilebrequin, the Company issued to the seller €15.0 million (approximately $18.6 million using the exchange rate on the date of acquisition) principal amount of unsecured promissory notes due December 31, 2017, with interest payable at the rate of 5% per year. The promissory notes were recorded at stated value, which approximated fair value, on the date of issuance. The fair value of these promissory notes was $20.5 million at April 30, 2014 (using the exchange rate on that date), which approximated their carrying value. | |
Due to noncontrolling shareholder consists of amounts loaned to G-T Fashion and its subsidiary by the other joint venture partner. These loans, in the aggregate principal amount of $5.1 million as of April 30, 2014, are unsecured and have maturities of less than one year. |
Segments
Segments | 3 Months Ended | ||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segments | ' | ||||||||||||||||||||
Note 6 – Segments | |||||||||||||||||||||
The Company’s reportable segments are business units that offer products through different channels of distribution and are managed separately. The Company has three reportable segments; licensed products, non-licensed products and retail operations. The G.H. Bass business was added to the retail operations segment upon its acquisition in November 2013. There is substantial intersegment cooperation, cost allocations and sharing of assets between the licensed and non-licensed products segments. As a result, the Company does not represent that these segments, if operated independently, would report the operating results set forth in the table below. The following information, in thousands, is presented for the three month periods indicated below: | |||||||||||||||||||||
Three Months Ended April 30, 2014 | |||||||||||||||||||||
Licensed | Non-Licensed | Retail | Elimination (1) | Total | |||||||||||||||||
Net sales | $ | 216,715 | $ | 67,749 | $ | 95,633 | $ | (13,905 | ) | $ | 366,192 | ||||||||||
Cost of goods sold | 155,791 | 43,462 | 50,667 | (13,905 | ) | 236,015 | |||||||||||||||
Gross profit | 60,924 | 24,287 | 44,966 | - | 130,177 | ||||||||||||||||
Selling, general and administrative | 49,478 | 21,220 | 51,743 | - | 122,441 | ||||||||||||||||
Depreciation and amortization | 854 | 1,978 | 1,395 | - | 4,227 | ||||||||||||||||
Operating profit (loss) | $ | 10,592 | $ | 1,089 | $ | (8,172 | ) | $ | - | $ | 3,509 | ||||||||||
Three Months Ended April 30, 2013 | |||||||||||||||||||||
Licensed | Non-Licensed | Retail | Elimination (1) | Total | |||||||||||||||||
Net sales | $ | 180,507 | $ | 60,689 | $ | 45,250 | $ | (13,831 | ) | $ | 272,615 | ||||||||||
Cost of goods sold | 130,302 | 41,495 | 22,211 | (13,785 | ) | 180,223 | |||||||||||||||
Gross profit | 50,205 | 19,194 | 23,039 | (46 | ) | 92,392 | |||||||||||||||
Selling, general and administrative | 46,257 | 19,298 | 20,335 | (62 | ) | 85,828 | |||||||||||||||
Depreciation and amortization | 485 | 1,940 | 696 | - | 3,121 | ||||||||||||||||
Operating profit (loss) | $ | 3,463 | $ | (2,044 | ) | $ | 2,008 | $ | 16 | $ | 3,443 | ||||||||||
-1 | Represents intersegment sales to the Company’s retail operations. | ||||||||||||||||||||
The total assets for each of the Company’s reportable segments are as follow: | |||||||||||||||||||||
April 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Licensed | $ | 342,418 | $ | 320,911 | |||||||||||||||||
Non-Licensed | 233,294 | 216,306 | |||||||||||||||||||
Retail | 144,300 | 61,123 | |||||||||||||||||||
Corporate | 83,123 | 65,885 | |||||||||||||||||||
Total Assets | $ | 803,135 | $ | 664,225 | |||||||||||||||||
Investment_in_Joint_Venture
Investment in Joint Venture | 3 Months Ended |
Apr. 30, 2014 | |
Equity Method Investments And Joint Ventures [Abstract] | ' |
Investment in Joint Venture | ' |
Note 7 – Investment in Joint Venture | |
The Company owns 51% of a joint venture that operates Calvin Klein Performance retail stores in mainland China and Hong Kong and consolidates its accounts in the Company’s financial statements. The Company’s share of net loss of this investment is included in the Consolidated Statements of Operations. The joint venture’s loss from continuing operations was $410,000 for the three months ended April 30, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Apr. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 8 – Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued the Accounting Statement Update (“ASU”) 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). The amendments in ASU 2013-11 require companies to present an unrecognized tax benefit, or a portion thereof, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, unless the uncertain tax position is not available to reduce, or would not be used to reduce, the net operating loss or tax credit carryforward under the tax law in the same jurisdiction; otherwise, the unrecognized tax benefit should be presented as a gross liability and should not be combined with a deferred tax asset. ASU 2013-11 is effective for annual periods beginning after December 15, 2013 and should be applied to all unrecognized tax benefits that exist as of the effective date. Companies may choose to apply this guidance retrospectively to each prior reporting period presented. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment,” (ASU 2014-08). This ASU changes the threshold for reporting discontinued operations and adds new disclosures. The new guidance defines a discontinued operation as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results.” For disposals of individually significant components that do not qualify as discontinued operations, the Company must disclose pre-tax earnings of the disposed component. This guidance is effective for the Company prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Apr. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 9 – Subsequent Events | |
The Company has considered subsequent events up to the filing date and does not believe there are any occurrences that would have a material impact on its results of operations. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Schedule of inventories | ' | ||||||||||||
30-Apr-14 | 30-Apr-13 | 31-Jan-14 | |||||||||||
(In thousands) | |||||||||||||
Finished goods | $ | 310,907 | $ | 229,268 | $ | 350,627 | |||||||
Raw materials and work-in-process | 11,752 | 12,804 | 9,012 | ||||||||||
$ | 322,659 | $ | 242,072 | $ | 359,639 | ||||||||
Net_Income_per_Common_Share_Ta
Net Income per Common Share (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of reconciliation between basic and diluted net income per share | ' | ||||||||
Three Months Ended | |||||||||
April 30, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share amounts) | |||||||||
Net income attributable to G-III | $ | 1,290 | $ | 1,118 | |||||
Basic net income per share: | |||||||||
Basic common shares | 20,488 | 20,161 | |||||||
Basic net income per share | $ | 0.06 | $ | 0.06 | |||||
Diluted net income per share: | |||||||||
Basic common shares | 20,488 | 20,161 | |||||||
Stock options and | |||||||||
restricted stock awards | 534 | 241 | |||||||
Diluted common shares | 21,022 | 20,402 | |||||||
Diluted net income per share | $ | 0.06 | $ | 0.05 | |||||
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of information regarding reportable segments | ' | ||||||||||||||||||||
Three Months Ended April 30, 2014 | |||||||||||||||||||||
Licensed | Non-Licensed | Retail | Elimination (1) | Total | |||||||||||||||||
Net sales | $ | 216,715 | $ | 67,749 | $ | 95,633 | $ | (13,905 | ) | $ | 366,192 | ||||||||||
Cost of goods sold | 155,791 | 43,462 | 50,667 | (13,905 | ) | 236,015 | |||||||||||||||
Gross profit | 60,924 | 24,287 | 44,966 | - | 130,177 | ||||||||||||||||
Selling, general and administrative | 49,478 | 21,220 | 51,743 | - | 122,441 | ||||||||||||||||
Depreciation and amortization | 854 | 1,978 | 1,395 | - | 4,227 | ||||||||||||||||
Operating profit (loss) | $ | 10,592 | $ | 1,089 | $ | (8,172 | ) | $ | - | $ | 3,509 | ||||||||||
Three Months Ended April 30, 2013 | |||||||||||||||||||||
Licensed | Non-Licensed | Retail | Elimination (1) | Total | |||||||||||||||||
Net sales | $ | 180,507 | $ | 60,689 | $ | 45,250 | $ | (13,831 | ) | $ | 272,615 | ||||||||||
Cost of goods sold | 130,302 | 41,495 | 22,211 | (13,785 | ) | 180,223 | |||||||||||||||
Gross profit | 50,205 | 19,194 | 23,039 | (46 | ) | 92,392 | |||||||||||||||
Selling, general and administrative | 46,257 | 19,298 | 20,335 | (62 | ) | 85,828 | |||||||||||||||
Depreciation and amortization | 485 | 1,940 | 696 | - | 3,121 | ||||||||||||||||
Operating profit (loss) | $ | 3,463 | $ | (2,044 | ) | $ | 2,008 | $ | 16 | $ | 3,443 | ||||||||||
-1 | Represents intersegment sales to the Company’s retail operations. | ||||||||||||||||||||
Schedule of total assets for each reportable segments | ' | ||||||||||||||||||||
April 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Licensed | $ | 342,418 | $ | 320,911 | |||||||||||||||||
Non-Licensed | 233,294 | 216,306 | |||||||||||||||||||
Retail | 144,300 | 61,123 | |||||||||||||||||||
Corporate | 83,123 | 65,885 | |||||||||||||||||||
Total Assets | $ | 803,135 | $ | 664,225 | |||||||||||||||||
Acquisition_of_GH_Bass_Detail_
Acquisition of G.H. Bass (Detail Textuals) (G.H. Bass, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Nov. 04, 2013 |
Store | |
G.H. Bass | ' |
Business Acquisition [Line Items] | ' |
Business acquisition agreement, consideration in cash | $49.20 |
Number of outlet stores acquired | 160 |
Inventories_Details
Inventories (Details) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Finished goods | $310,907 | $350,627 | $229,268 |
Raw materials and work-in-process | 11,752 | 9,012 | 12,804 |
Inventories | $322,659 | $359,639 | $242,072 |
Net_Income_per_Common_Share_Re
Net Income per Common Share - Reconciliation between basic and diluted net income per share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income attributable to G-III | $1,290 | $1,118 |
Basic net income per share: | ' | ' |
Basic common shares | 20,488 | 20,161 |
Basic net income per share (in dollars per share) | $0.06 | $0.06 |
Diluted net income per share: | ' | ' |
Basic common shares | 20,488 | 20,161 |
Stock options and restricted stock awards | 534 | 241 |
Diluted common shares | 21,022 | 20,402 |
Diluted net income per share (in dollars per share) | $0.06 | $0.05 |
Net_Income_per_Common_Share_De
Net Income per Common Share (Detail Textuals) | 3 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Common stock excluded from the diluted net income per share calculation | 325,500 | ' |
Common stock issued in connection with exercise or vesting of equity awards | 97,687 | 118,170 |
Notes_Payable_and_Other_Liabil1
Notes Payable and Other Liabilities (Detail Textuals) | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||
Aug. 31, 2012 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Aug. 07, 2012 | Aug. 07, 2012 | Aug. 07, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | Vilebrequin | Vilebrequin | Vilebrequin | LIBOR plus | LIBOR plus | Prime plus | Prime plus | |
USD ($) | EUR (€) | Unsecured promissory notes | Minimum | Maximum | Minimum | Maximum | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured credit facility | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of senior secured credit facility | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under credit agreement | ' | 160,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread interest rate | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.00% | 0.50% | 1.00% |
Amounts payable under the Company's financing agreement | ' | 63,000,000 | ' | 76,100,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, liabilities incurred | ' | 20,537,000 | 20,560,000 | 19,231,000 | 18,600,000 | 15,000,000 | ' | ' | ' | ' | ' |
Business acquisition, interest payable rate | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' |
Maturity date of promissory notes | ' | ' | ' | ' | 31-Dec-17 | 31-Dec-17 | ' | ' | ' | ' | ' |
Fair value of promissory notes | ' | 20,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to noncontrolling shareholder | ' | $5,146,000 | $4,674,000 | $2,444,000 | ' | ' | ' | ' | ' | ' | ' |
Segments_Information_regarding
Segments - Information regarding reportable segments (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net sales | $366,192 | $272,615 | ||
Cost of goods sold | 236,015 | 180,223 | ||
Gross profit | 130,177 | 92,392 | ||
Selling, general and administrative | 122,441 | 85,828 | ||
Depreciation and amortization | 4,227 | 3,121 | ||
Operating profit (loss) | 3,509 | 3,443 | ||
Operating Segments | Licensed | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net sales | 216,715 | 180,507 | ||
Cost of goods sold | 155,791 | 130,302 | ||
Gross profit | 60,924 | 50,205 | ||
Selling, general and administrative | 49,478 | 46,257 | ||
Depreciation and amortization | 854 | 485 | ||
Operating profit (loss) | 10,592 | 3,463 | ||
Operating Segments | Non-Licensed | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net sales | 67,749 | 60,689 | ||
Cost of goods sold | 43,462 | 41,495 | ||
Gross profit | 24,287 | 19,194 | ||
Selling, general and administrative | 21,220 | 19,298 | ||
Depreciation and amortization | 1,978 | 1,940 | ||
Operating profit (loss) | 1,089 | -2,044 | ||
Operating Segments | Retail | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net sales | 95,633 | 45,250 | ||
Cost of goods sold | 50,667 | 22,211 | ||
Gross profit | 44,966 | 23,039 | ||
Selling, general and administrative | 51,743 | 20,335 | ||
Depreciation and amortization | 1,395 | 696 | ||
Operating profit (loss) | -8,172 | 2,008 | ||
Elimination | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net sales | -13,905 | [1] | -13,831 | [1] |
Cost of goods sold | -13,905 | [1] | -13,785 | [1] |
Gross profit | ' | [1] | -46 | [1] |
Selling, general and administrative | ' | [1] | -62 | [1] |
Depreciation and amortization | ' | [1] | ' | [1] |
Operating profit (loss) | ' | [1] | $16 | [1] |
[1] | Represents intersegment sales to the Company's retail operations. |
Segments_Information_of_total_
Segments - Information of total assets for company's reportable segments (Detail) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | $803,135 | $830,897 | $664,225 |
Licensed | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 342,418 | ' | 320,911 |
Non-Licensed | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 233,294 | ' | 216,306 |
Retail | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 144,300 | ' | 61,123 |
Corporate | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | $83,123 | ' | $65,885 |
Segments_Detail_Textuals
Segments (Detail Textuals) | 3 Months Ended |
Apr. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 3 |
Investment_in_Joint_Venture_De
Investment in Joint Venture (Detail Textuals) (USD $) | 3 Months Ended |
Apr. 30, 2014 | |
Equity Method Investments And Joint Ventures [Abstract] | ' |
Ownership interest in joint venture | 51.00% |
Joint venture's loss from continuing operation | ($410,000) |