Why G-III Apparel Group Ltd. Shares Jumped as Much as 13% Today

Why G-III Apparel Group Ltd. Shares Jumped as Much as 13% Today

Thanks to a solid second-quarter report, shares of G-III Apparel Group (NASDAQ: GIII) soared on Wednesday morning. The stock peaked at $31.19 shortly after 10:30 a.m. EDT -- a 13.3% gain from Tuesday's closing price. At around 1:40 p.m., the gains had moderated to 9.8% at $30.49.

The clothing maker and retailer saw second-quarter sales rising 22% year over year to $538 million. On the bottom line, it moved from an adjusted loss of $0.03 per share a year ago to an even larger $0.18 loss per share. However, those figures beat Wall Street's consensus estimates, which called for a $0.26 loss per share on sales near $523 million.

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Source: Fool.com