G-III Apparel Group, Ltd. (NASDAQ:GIII) Q2 2021 Earnings Conference Call - Final Transcript

Sep 09, 2020 • 08:30 am ET

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G-III Apparel Group, Ltd. (NASDAQ:GIII) Q2 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the G-III Apparel Group Second Quarter Fiscal 2021 Earnings Call. [Operator Instructions]

I would now like to hand the conference over to your speaker for today, Mr. Neal Nackman, CFO. You may begin, sir.

Executive
Neal S. Nackman

Thank you, and good morning. Thanks for joining us.

Before we begin, I would like to remind participants that certain statements made on today's call and 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.

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

Executive
Morris Goldfarb

Good morning and thank you for joining us.

Also joining me today are Sammy Aaron, our Vice Chairman and President; Neal Nackman, our Chief Financial Officer; Jeff Goldfarb, Executive Vice President; and Priya Trivedi, Vice President of Investor Relations.

G-III is a merchant-led company with an entrepreneurial culture that can identify and swiftly execute on opportunities and situations. This has always been our competitive advantage and even more so in this pandemic world. We have evolved into a well diversified apparel company. It is impressive to see the expertise and the dominance we've developed especially over the last 15 years.

We've fueled our growth and captured market share in almost all major classifications, including sportswear, coats, dresses, athleisure, suit separates, jeans, swimwear, handbags and footwear. These categories enable our brands to be displayed in multiple locations and multiple floors of our retailer stores, with some brands in over 10 locations per door. Importantly, our merchants have proven to be nimble, shifting talent and resources to product categories based on rapidly changing consumer demand.

Our strong portfolio of globally recognized brands sold across a broad array of diverse distribution channels has also set us up well to successfully manage through these unprecedented times. Our management teams, structured by brand and by category, are responsible for driving sales and profitability of their individual businesses. This enables us to continue to operate efficiently and at high levels of productivity. I am incredibly proud of our people who are meeting the challenges posed by the pandemic to adjust quickly as we navigate through this complex environment.

Let us review some of our key developments and accomplishments for this quarter.

We worked with our retailers to re-assort and reallocate our order book for the balance of the year. Although our product categories had been evolving to a more casual dressing over the last several years, our teams were able to move rapidly to further change our fall and holiday seasons' product assortments to address the clear shift in consumer needs. We feel comfortable with our