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Beach Décor Grows Up As beach lovers age, turning a house into a coastal home has become a stylish décor choice thousands are flocking to. 08/20/2008
A Few Minutes With Michael Brooke Concrete Wave’s owner and publisher weighs in on the health of the niche skateboarding market, the luxury of choice, and Slap magazine going Web only. 08/14/2008 The Best Sellers Of 2008 Which items were selling best at boardsport retail stores during the first half of this year? The ActionWatch Retail Panel reveals the top sellers in fourteen categories -- items that kept the register ringing all year. Were you carrying the right assortment? 08/13/2008 Top Ten Tips for Successful Exhibiting Wondering how to plan your exhibit program to maximize your show results? Candy Adams, aka the "Booth Mom," lays it out in ten simple tips everyone can follow. 08/13/2008 Boothmanship 101 Successful communication -- both verbal and non-verbal -- with attendees at a trade show isn't just helpful, it's fundamental to your entire sales effort. 08/13/2008 How to Select and Train Your Booth Staff Somehow show logistics hog our time and resources, and when it comes to staff training, it gets buried in a pile of undone “to-do’s”. But nothing pays off in qualified leads and positive company image as well as a well-trained staff! 08/13/2008 Catching Up With Float Designs After making its Southeast debut at Surf Expo in January of this year, a lot has been happening at Float Designs. We caught up with owner Ramona Senese for an update. 08/11/2008 Seminar Schedule For Surf Expo September 2008 Hone in on the tactics and skillsets needed to move your business forward during Surf Expo's full roster of educational marketing, merchandising, and industry overview seminars. 08/06/2008 Ray Underhill, 1962-2008 Widely respected and much-liked pro skater Ray Underhill dies after a long and courageous battle with a brain tumor. Here is a message from his friends and family 08/05/2008
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G-III Apparel Group Acquires Assets of Wilsons Leather Outlet Stores
G-III Apparel Group, Ltd. (NasdaqGSM: GIII) today announced that it has acquired certain assets of Wilsons The Leather Experts (Nasdaq: WLSN), a national retailer of leather outerwear and accessories. The assets acquired included 116 outlet store locations, $18.5 million in inventory, distribution center operations and the Wilsons name and other related trademarks and trade names. G-III noted that the total purchase price for the assets acquired was approximately $22.3 million in cash.
The Company stated that the acquisition was expected to be accretive for fiscal 2009 given the seasonality of the business and the timing of the acquisition.
Morris Goldfarb, G-III’s Chairman and Chief Executive Officer, said, “We are excited about this acquisition, which will enable us to have a significant vertical retail operation. We expect to be able to leverage our strong portfolio of brands and our sourcing expertise to re-merchandise the Wilsons stores in order to improve sales and increase margins. Through carefully segregating our retail assortment from our wholesale offerings, we believe we can reenergize the Wilsons outlet stores under our direction without conflict to our existing customer base. We expect to be able to seamlessly create a vertical retail organization and move quickly to realize the benefits of that structure.”
The Company noted that Joel Waller, former Chief Executive Officer of Wilsons The Leather Experts, would return as President of G-III’s outlet store division. Mr. Waller will lead approximately 900 employees in store operations, merchandising, distribution, real estate, human resources and accounting in Minneapolis, Minnesota.
Mr. Goldfarb continued, “We believe that there is an excellent opportunity to return this business to improved levels of profitability and to place it on a growth trajectory. During a thirty year business relationship with Joel Waller, I have developed a profound level of confidence in Joel and believe that he will prove to be an excellent leader for an organization and a concept with which he is already deeply familiar.”
Outlook
The Company today revised its guidance for fiscal 2009, the fiscal year ending January 31, 2009, as a result of the acquisition of the Wilsons outlet stores. The Company now expects fiscal 2009 net sales in the range of $720 million to $730 million, compared to its prior expectation for net sales in a range from $650 million to $660 million. The Company also now anticipates net income for fiscal 2009 in the range of $23.5 million to $24.4 million, or $1.35 to $1.40 per diluted share. This compares to its prior expectation for net income of $21.8 million to $22.7 million, or $1.25 to $1.30 per diluted share. The Company noted that the revisions to its forecast did not include any change to its forecast for its base business.
The Company will host a conference call at 8:30 a.m. ET on July 9, 2008. While the question-and-answer session of the call will be limited to institutional analysts and investors, retail brokers and individual investors are invited to listen to a live webcast. The broadcast will be hosted at www.viavid.net. The G-III webcast can be accessed via the “events” section of the site.
About G-III Apparel Group, Ltd.
G-III Apparel Group, Ltd. is a leading manufacturer and distributor of outerwear and sportswear under licensed brands, private labels and our own brands. G-III also operates 116 outlet stores under the Wilsons Leather name. The Company has fashion licenses, among others, under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Nine West, Ellen Tracy, House of Dereon, IZOD, 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 works with leading retailers in developing product lines to be sold under its own proprietary private labels. Company-owned brands include, among others, Andrew Marc, Marc New York, Marvin Richards, G-III, Jessica Howard, Eliza J., Industrial Cotton, Black Rivet, Siena Studio, Colebrook, G-III by Carl Banks, Winlit, NY 10018 and La Nouvelle Renaissance.
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press releases
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Loop’d Network Kicks Off Action Sports ‘Sponsorship Season’ By Asking: “Are you Sponsorable?” Campaign to Drive Connection, Gear, and Support between Athletes and Brands through Sponsorship.
08/20/2008 Snoloha Inks European Distribution Deal Snoloha, still an infant in the U.S. market, finalizes a licensing deal that will introduce the brand into Europe.
08/20/2008 Ernst & Young Names Skullcandy CEO Entrepreneur Of The Year Rick Alden, CEO and Founder of Skullcandy, named 2008 regional Entrepreneur of the Year.
08/20/2008 Nathaniel Curran Wins 6-Star Sooruz Lacanua Pro WQS ratings leader moves one step closer to ASP World Tour qualification.
08/20/2008 Team Nautique Wins Big At 2008 Wakeboard And Water Ski Nationals Team Nautique athletes had impressive performances at the Air Nautique WWA Wakeboard Nationals, the 66th GOODE Water Ski Nationals, the Canadian Wakeboard Championships and the Canadian Water Ski Nationals.
08/20/2008 Surf Expo Named “Best Overall" Web Site By The Society of Independent Show Organizers surfexpo.com has been named “Best Overall" Web site by the Society of Independent Show Organizers (SISO), The Jordan Edmiston Group, and Tradeshow Week.
08/15/2008 Rip Curl Brings 4 icons, 2 World Champions On East Coast Tour From New York to Florida, Mick Fanning, Tom Curren, Taylor Knox, and Pancho Sullivan will be making appearances at select surf accounts, select surf locations, and select nighttime venues during Rip Curl's East Coast Tour. 08/15/2008 New AWSI Directors Announced AWSI would like to announce its new executive directors: Katie Crafts for Windsurfing and Tonia Farman for Kiteboarding.
08/15/2008 Nautique’s Own Mindy Bates Wins Water Ski Tricks National Championship! Yesterday, at the 2008 US National Water Ski Championships, Mindy Bates took first place in the Women’s 2 Trick category with a score of 3390 points.
08/15/2008 Katin Pro-Am Team Challenge Returns To North Side Of Huntington Beach Pier Coinciding with Surf City USA’s centennial celebration, the city has permitted Katin to stage the legendary event at its historical home, January 20 to 24, 2009.
08/15/2008 Fishin’ Chix Prepare Baytowne Marina Docks for Fishing Rodeo Series Pink rubber boots and sequined tank tops aren’t exactly what you would expect to see at a typical fishing tournament, but there isn’t much about the Fishin’ Chix that is typical.
08/15/2008 Skullcandy Announces Key Executive Appointments Skullcandy announces the addition of five industry leaders -- Luke Edgar, Todd Finney, Tom Brady, Clarke Miyasaki and Chris Cooper -- to its executive team, reinforcing the company’s strategic focus on the core and specialty markets.
08/14/2008
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