Shares of G-III Apparel Group (NASDAQ: GIII) dropped after the diversified company reported disappointing top-line results in its fourth-quarter earnings report. As a result, G-III stock was down 13.1% on the news as of 3:19 p.m. ET.

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G-III, which licenses and owns several apparel brands, said that revenue in the quarter fell 10.5% to $764.8 million, which was well below estimates of $817.5 million. The company slashed its inventories in the quarter, which fell 27%, as part of a strategy to shore up margins as gross margin jumped from 33% to 36.8%.

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Source Fool.com