Shares of Donna Karan brand owner G-III Apparel soared by more than 12 percent on Monday after chief executive Morris Goldfarb said sales of work attire and dresses are getting stronger “with each passing week.”
Investors sent the stock up by more than $35 a share early on Monday following Goldfarb’s bullish comments in conjunction with G-III’s fiscal first quarter earnings report.
“We believe these trends provide a good indication for the remainder of the year and give us confidence that we and our industry are well on our way to recovery,” Goldfarb said in a statement. “We are well positioned to capitalize on consumer demand as the year progresses and are optimistic about this fiscal year.”
Other apparel companies have also noted the trend away from casual apparel that dominated the pandemic. As far back as February, retailers noticed consumers starting to branching out again by buying dresses, button-down shirts and other going-out clothing .
G-III Apparel posted strong growth of back-to-worth clothing SOPA Images/LightRocket via Gett
G-III’s sales grew by 28 percent to $520 million in the quarter ended April 30 while net income was $26.3 compared with a $39.2 million loss a year ago, the company