0001558370-23-019515 | 10-Q | XBRL Viewer | G III Apparel Group LTD DE

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SEGMENTS - Method of Overhead Allocation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
SEGMENTS [Abstract]
Revenues	$ 1,067,110	$ 1,078,299	$ 2,333,460	$ 2,372,300

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Recent Adopted and Issued Accounting Pronouncements (Policies)	9 Months Ended
Oct. 31, 2023
Recent Adopted and Issued Accounting Pronouncements [Abstract]
Effects of Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Guidance There was no accounting guidance adopted during the three months ended October 31, 2023.

Recent Adopted and Issued Accounting Pronouncements (Policies)

9 Months Ended

Oct. 31, 2023

Recent Adopted and Issued Accounting Pronouncements [Abstract]

Effects of Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Guidance

There was no accounting guidance adopted during the three months ended October 31, 2023.

REVENUE RECOGNITION - Textuals (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Jan. 31, 2023
REVENUE RECOGNITION [Abstract]
Contract liability	$ 3,300	$ 3,300	$ 5,100
Customer refund liabilities	(108,042)	(99,528)	(89,760)
Revenue recognized related to contract liabilities	3,100	4,300
Contract assets	0	0	0
Contract liability	$ 153,200	$ 150,349	$ 115,586

EMPLOYMENT AGREEMENTS - Textual (Details) - USD ($)	Aug. 09, 2023	Aug. 29, 2023
Chief Executive Officer [Member] \| Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	700,000
Vesting and exercise period of awards	3 years
President [Member] \| Special Bonus [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Bonus awarded		$ 2,000,000
President [Member] \| Retention Bonus [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Bonus awarded		$ 1,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

NOTES PAYABLE

9 Months Ended

Oct. 31, 2023

NOTES PAYABLE [Abstract]

NOTES PAYABLE

NOTE 8 – NOTES PAYABLE

Long-term debt consists of the following:


	October 31, 2023		October 31, 2022		January 31, 2023

	(In thousands)
Secured Notes	$	400,000	$	400,000	$	400,000
Revolving credit facility		—		340,235		80,087
LVMH Note		50,000		125,000		125,000
Unsecured loans		9,097		10,446		10,866
Overdraft facilities		1,872		3,664		3,657
Foreign credit facility		4,161		10,416		7,792
Subtotal		465,130		889,761		627,402
Less: Net debt issuance costs ⁽¹⁾		(2,972)		(4,671)		(4,246)
Debt discount		(213)		(5,585)		(3,798)
Current portion of long-term debt		(59,099)		(91,613)		(135,518)
Total	$	402,846	$	787,892	$	483,840

(1)

Does not include debt issuance costs, net of amortization, totaling $2.8 million, $4.4 million and $4.0 million as of October 31, 2023, October 31, 2022 and January 31, 2023, respectively, related to the revolving credit facility. These debt issuance costs have been deferred and are classified in assets in the accompanying condensed consolidated balance sheets in accordance with ASC 835.

Senior Secured Notes

In August 2020, the Company completed a private debt offering of $400 million aggregate principal amount of its 7.875% Senior Secured Notes due August 2025 (the “Notes”). The terms of the Notes are governed by an indenture (the “Indenture”), among the Company, the guarantors party thereto and U.S. Bank, National Association, as trustee and collateral agent (the “Collateral Agent”). The net proceeds of the Notes were used (i) to repay the $300 million that was outstanding under the Company’s prior term loan facility due 2022 (the “Term Loan”), (ii) to pay related fees and expenses and (iii) for general corporate purposes.

The Notes bear interest at a rate of 7.875% per year payable semi-annually in arrears on February 15 and August 15 of each year.

The Notes are unconditionally guaranteed on a senior-priority secured basis by the Company’s current and future wholly-owned domestic subsidiaries that guarantee any of the Company’s credit facilities, including the Company’s ABL facility (the “ABL Facility”) pursuant to the ABL Credit Agreement, or certain future capital markets indebtedness of the Company or the guarantors.

The Notes and the related guarantees are secured by (i) first priority liens on the Company’s Cash Flow Priority Collateral (as defined in the Indenture), and (ii) a second-priority lien on the Company’s ABL Priority Collateral (as defined in the Indenture), in each case subject to permitted liens described in the Indenture.

In connection with the issuance of the Notes and execution of the Indenture, the Company and the Guarantors entered into a pledge and security agreement (the “Pledge and Security Agreement”), among the Company, the Guarantors and the Collateral Agent.

The Notes are subject to the terms of the intercreditor agreement which governs the relative rights of the secured parties in respect of the ABL Facility and the Notes (the “Intercreditor Agreement”). The Intercreditor Agreement restricts the actions permitted to be taken by the Collateral Agent with respect to the Collateral on behalf of the holders of the Notes.

The Company may redeem some or all of the Notes at any time and from time to time at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.

If the Company experiences a Change of Control (as defined in the Indenture), the Company is required to offer to repurchase the Notes at 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The Indenture contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur or guarantee additional indebtedness, pay dividends or make other restricted payments, make certain investments, incur restrictions on the ability of the Company’s restricted subsidiaries that are not guarantors to pay dividends or make certain other payments, create or incur certain liens, sell assets and subsidiary stock, impair the security interests, transfer all or substantially all of the Company’s assets or enter into merger or consolidation transactions, and enter into transactions with affiliates. The Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, nonpayment of principal or interest, breach of other agreements in the Indenture, failure to pay certain other indebtedness, failure of certain guarantees to be enforceable, failure to perfect certain collateral securing the Notes, failure to pay certain final judgments, and certain events of bankruptcy or insolvency.

The Company incurred debt issuance costs totaling $8.5 million related to the Notes. In accordance with ASC 835, the debt issuance costs have been deferred and are presented as a contra-liability, offsetting the outstanding balance of the Notes, and are amortized over the remaining life of the Notes.

Second Amended and Restated ABL Credit Agreement

In August 2020, the Company’s subsidiaries, G-III Leather Fashions, Inc., Riviera Sun, Inc., CK Outerwear, LLC, AM Retail Group, Inc. and The Donna Karan Company Store LLC (collectively, the “Borrowers”), entered into the second amended and restated credit agreement (the “ABL Credit Agreement”) with the Lenders named therein and with JPMorgan Chase Bank, N.A., as Administrative Agent. The ABL Credit Agreement is a five year senior secured credit facility that provides for borrowings in the aggregate principal amount of up to $650 million. The Company and certain of its subsidiaries (the “Guarantors”), are Loan Guarantors under the ABL Credit Agreement.

The ABL Credit Agreement refinanced, amended and restated the Amended Credit Agreement, dated as of December 1, 2016 (as amended, supplemented or otherwise modified from time to time prior to August 7, 2020, the “Prior Credit Agreement”). The Prior Credit Agreement provided for borrowings of up to $650 million. The ABL Credit Agreement extended the maturity date of this facility from December 2021 to August 2025.

Amounts available under the ABL Credit Agreement are subject to borrowing base formulas and overadvances as specified in the ABL Credit Agreement. Borrowings originally bore interest, at the Borrowers’ option, at LIBOR plus a margin of 1.75% to 2.25% or an alternate base rate margin of 0.75% to 1.25% (defined as the greatest of (i) the “prime rate” of JPMorgan Chase Bank, N.A. from time to time, (ii) the federal funds rate plus 0.5% and (iii) the LIBOR rate for a borrowing with an interest period of one month) plus 1.00%, with the applicable margin determined based on Borrowers’ availability under the ABL Credit Agreement. In April 2023, the Company amended the ABL Credit Agreement to replace LIBOR with the Adjusted Term Secured Overnight Financing Rate (“SOFR”) as a successor rate. All other material terms and conditions of the ABL Credit Agreement were unchanged. Borrowings under the amended ABL Credit Agreement now bear interest, at the Borrower’s option, at the alternate base rate (defined as, for a given day, the greatest of (i) the “prime rate” in effect on such day, (ii) the NYFRB Rate (as defined in the amendment) in effect on such day plus 0.5% and (iii) the Adjusted Term SOFR (defined as an interest rate per annum equal to the Term SOFR for such interest period plus 0.10%) for a one-month interest period as published two business days prior to such day plus 1%) plus an applicable spread or the Adjusted Term SOFR Rate plus an applicable spread. The Company applied certain provisions and practical expedients of ASC 848 – Reference Rate Reform related to the transition from LIBOR to SOFR.

The ABL Credit Agreement is secured by specified assets of the Borrowers and the Guarantors. In addition to paying interest on any outstanding borrowings under the ABL Credit Agreement, the Company is required to pay a commitment fee to the lenders under the credit agreement with respect to the unutilized commitments. The commitment fee accrues at a tiered rate equal to 0.50% per annum on the average daily amount of the available commitments when the average usage is less than 50% of the total available commitments and decreases to 0.35% per annum on the average daily amount of the available commitments when the average usage is greater than or equal to 50% of the total available commitments.

The revolving credit facility contains covenants that, among other things, restrict the Company’s ability to, subject to specified exceptions, incur additional debt; incur liens; sell or dispose of certain assets; merge with other companies; liquidate or dissolve the Company; acquire other companies; make loans, advances, or guarantees; and make certain investments. In certain circumstances, the revolving credit facility also requires the Company to maintain a fixed charge coverage ratio, as defined in the agreement, not less than 1.00 to 1.00 for each period of twelve consecutive fiscal months of the Company. As of October 31, 2023, the Company was in compliance with these covenants.

As of October 31, 2023, the Company had no borrowings outstanding under the ABL Credit Agreement. The ABL credit agreement also includes amounts available for letters of credit. As of October 31, 2023, there were outstanding trade and standby letters of credit amounting to $2.0 million and $2.9 million, respectively.

At the date of the refinancing of the Prior Credit Agreement, the Company had $3.3 million of unamortized debt issuance costs remaining from the Prior Credit Agreement. The Company extinguished and charged to interest expense $0.4 million of the prior debt issuance costs and incurred new debt issuance costs totaling $5.1 million related to the ABL Credit Agreement. The Company has recorded $8.0 million of debt issuance costs related to the ABL Credit Agreement. As permitted under ASC 835, the debt issuance costs have been deferred and are presented as an asset which is amortized ratably over the term of the ABL Credit Agreement.

LVMH Note

As a portion of the consideration for the acquisition of Donna Karan International (“DKI”), the Company issued to LVMH a junior lien secured promissory note in the principal amount of $125.0 million that bears interest at the rate of 2% per year. $75.0 million of the principal amount of the LVMH Note was repaid on June 1, 2023 and the remaining $50.0 million of such principal amount was paid on December 1, 2023. The LVMH Note is classified in current portion of notes payable in the Company’s condensed consolidated balance sheets as of October 31, 2023 and January 31, 2023. $75.0 million of the LVMH Note is classified in current portion of notes payable in the Company’s condensed consolidated balance sheet as of October 31, 2022.

ASC 820 requires the LVMH Note to be recorded at fair value at issuance. As a result, the Company recorded a $40.0 million debt discount upon issuance of the LVMH Note. This discount is being amortized as interest expense using the effective interest method over the term of the LVMH Note.

Unsecured Loans

Several of the Company’s foreign entities borrow funds under various unsecured loans of which a portion is to provide funding for operations in the normal course of business while other loans are European state backed loans as part of COVID-19 relief programs. In the aggregate, the Company is currently required to make quarterly installment payments of principal in the amount of €0.6 million under these unsecured loans. Interest on the outstanding principal amount of the unsecured loans accrues at a fixed rate equal to 0% to 5.0% per annum, payable on either a quarterly or monthly basis. As of October 31, 2023, the Company had an aggregate outstanding balance of €8.6 million ($9.1 million) under these unsecured loans.

Overdraft Facilities

During fiscal 2021, T.R.B International SA (“TRB”) entered into several overdraft facilities that allow for applicable bank accounts to be in a negative position up to a certain maximum overdraft. TRB entered into an uncommitted overdraft facility with HSBC Bank allowing for a maximum overdraft of €5 million. Interest on drawn balances accrues at a rate equal to the Euro Interbank Offered Rate (“EURIBOR”) plus a margin of 1.75% per annum, payable quarterly. The facility may be cancelled at any time by TRB or HSBC Bank. As part of a COVID-19 relief program, TRB and its subsidiaries have also entered into several state backed overdraft facilities with UBS Bank in Switzerland for an aggregate of CHF 4.7 million at varying interest rates of 0% to 0.5%. As of October 31, 2023, TRB had an aggregate of €1.8 million ($1.9 million) drawn under these facilities.

Foreign Credit Facility

KLH has a credit agreement with ABN AMRO Bank N.V. with a credit limit of €15.0 million which is secured by specified assets of KLH. Borrowings bear interest at the EURIBOR plus a margin of 1.7%. As of October 31, 2023, KLH had €3.9 million ($4.2 million) of borrowings outstanding under this credit facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
LEASES (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Jan. 31, 2023
Lessee, Operating Lease, Description [Abstract]
Option to extend			true
Lessee, operating lease, option to terminate			The exercise of lease renewal options is generally at the Company’s sole discretion. The exercise of lease termination options is generally by mutual agreement between the Company and the lessor.
Variable lease costs and short-term lease costs including rent forgiveness	$ 6.7	$ 6.1	$ 18.1	$ 16.7
Impairment charge related to the operating lease assets					$ 2.7
Minimum
Lessee, Operating Lease, Description [Abstract]
Operating lease, contract term	1 year		1 year
Renewal term	1 year		1 year
Maximum
Lessee, Operating Lease, Description [Abstract]
Operating lease, contract term	10 years		10 years
Renewal term	10 years		10 years

Canadian Customs Duty Examination - Canadian Customs Duty Examination - (Details) - Oct. 31, 2023 $ in Millions, $ in Millions	USD ($)	CAD ($)
Canadian Customs Duty Examination [Line Items]
Income tax receivable	$ 8.9	$ 12.4
CBSA
Canadian Customs Duty Examination [Line Items]
Refund received	$ 2.0	$ 2.7

Net Income per Common Share

9 Months Ended

Oct. 31, 2023

Net Income per Common Share

Net Income per Common Share

NOTE 7 – NET INCOME PER COMMON SHARE

Basic net income per common share has been computed using the weighted average number of common shares outstanding during each period. Diluted net income per share, when applicable, is computed using the weighted average number of common shares and potential dilutive common shares, consisting of unvested restricted stock unit awards outstanding during the period. Approximately 8,200 and 59,200 shares of common stock have been excluded from the diluted net income per share calculation for the three and nine months ended October 31, 2023. Approximately 310,600 and 258,600 shares of common stock have been excluded from the diluted net income per share calculation for the three and nine months ended October 31, 2022. All share-based payments outstanding that vest based on the achievement of performance conditions, and for which the respective performance conditions have not been achieved, have been excluded from the diluted per share calculation.

The following table reconciles the numerators and denominators used in the calculation of basic and diluted net income per share:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022

	(In thousands, except share and per share amounts)
Net income attributable to G-III Apparel Group, Ltd.	$	127,640	$	61,103	$	147,314	$	128,056
Basic net income per share:
Basic common shares		45,723		47,488		45,904		47,832
Basic net income per share	$	2.79	$	1.29	$	3.21	$	2.68

Diluted net income per share:
Basic common shares		45,723		47,488		45,904		47,832
Dilutive restricted stock unit awards and stock options		837		987		1,088		1,034
Diluted common shares		46,560		48,475		46,992		48,866
Diluted net income per share	$	2.74	$	1.26	$	3.13	$	2.62

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 127,640	$ 61,103	$ 147,314	$ 128,056

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Basis of Presentation

9 Months Ended

Oct. 31, 2023

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

NOTE 1 – BASIS OF PRESENTATION

As used in these financial statements, the term “Company” or “G-III” refers to G-III Apparel Group, Ltd. and its subsidiaries. The Company designs, sources and markets an extensive range of apparel, including outerwear, dresses, sportswear, swimwear, women’s suits and women’s performance wear, as well as women’s handbags, footwear, small leather goods, cold weather accessories and luggage. The Company also operates retail stores and licenses its proprietary brands under several product categories.

The Company consolidates the accounts of its wholly-owned and majority-owned subsidiaries. Fabco Holding B.V. (“Fabco”) is a Dutch joint venture limited liability company that is 75% owned by the Company and is treated as a consolidated majority-owned subsidiary. Sonia Rykiel is a wholly-owned operating subsidiary. Karl Lagerfeld Holding B.V. (“KLH”) is a Dutch limited liability company that was 19% owned by the Company through May 30, 2022 and was accounted for during that time using the equity method of accounting. Effective May 31, 2022, the Company acquired the remaining 81% interest in KLH that it did not previously own and, as a result, KLH began being treated as a consolidated wholly-owned subsidiary. KL North America B.V. (“KLNA”) is a Dutch joint venture limited liability company that was 49% owned by the Company and 51% indirectly owned by KLH through May 30, 2022 and was accounted for during that time using the equity method of accounting. Effective May 31, 2022, KLNA became an indirect wholly-owned subsidiary of the Company as a result of the Company’s acquisition of the remaining 81% interest in KLH it did not previously own. All material intercompany balances and transactions have been eliminated. The results of KLH are included in the Company’s consolidated financial statements beginning May 31, 2022.

KLH, Vilebrequin International SA (“Vilebrequin”), a Swiss corporation that is wholly-owned by the Company, Fabco and Sonia Rykiel report results on a calendar year basis rather than on the January 31 fiscal year basis used by the Company. Accordingly, the results of KLH, Vilebrequin, Fabco and Sonia Rykiel are included in the financial statements for the quarter ended or ending closest to the Company’s fiscal quarter end. For example, with respect to the Company’s results for the nine-month period ended October 31, 2023, the results of KLH, Vilebrequin, Fabco and Sonia Rykiel are included for the nine-month period ended September 30, 2023. For the year ended January 31, 2023, the results of KLH, which includes KLNA, are included for the period from May 31, 2022 through December 31, 2022. The results of the Company’s previous 49% ownership interest in KLNA and 19% ownership interest in KLH are included for the period from January 1, 2022 through May 30, 2022. The Company’s retail operations segment reports on a 52/53 week fiscal year. For fiscal 2024 and 2023, the three and nine-month periods for the retail operations segment were each 13-week and 39-week periods, respectively, and ended on October 28, 2023 and October 29, 2022, respectively.

The results for the three and nine months ended October 31, 2023 are not necessarily indicative of the results expected for the entire fiscal year, given the seasonal nature of the Company’s business. The accompanying financial statements included herein are unaudited. All adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations and cash flows for the interim period presented have been reflected.

The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023 filed with the Securities and Exchange Commission (the “SEC”).

Assets and liabilities of the Company’s foreign operations, where the functional currency is not the U.S. dollar (reporting currency), are translated from the foreign currency into U.S. dollars at period-end rates, while income and expenses are translated at the weighted-average exchange rates for the period. The related translation adjustments are reflected as a foreign currency translation adjustment in accumulated other comprehensive loss within stockholders’ equity.

STOCKHOLDERS' EQUITY

9 Months Ended

Oct. 31, 2023

STOCKHOLDERS' EQUITY, [Abstract]

STOCKHOLDERS' EQUITY

NOTE 11 – STOCKHOLDERS’ EQUITY

For the three months ended October 31, 2023, the Company issued no shares of common stock and utilized 4,354 shares of treasury stock in connection with the vesting of equity awards. For the three months ended October 31, 2022, the Company issued no shares of common stock and utilized 2,366 shares of treasury stock in connection with the vesting of equity awards. For the nine months ended October 31, 2023, the Company issued no shares of common stock and utilized 608,325 shares of treasury stock in connection with the vesting of equity awards. For the nine months ended October 31, 2022, the Company issued no shares of common stock and utilized 385,485 shares of treasury stock in connection with the vesting of equity awards.

- Definition

The entire disclosure for equity.

+ References

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+ Details

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jan. 31, 2022
Segment Reporting Information [Line Items]
Accounts receivable, gross	$ 881,633	$ 693,260	$ 899,393
Allowance for doubtful accounts	(18,412)	(18,297)	(18,258)	$ (17,391)
Accounts receivable, net	863,221	674,963	881,135
Wholesale operations
Segment Reporting Information [Line Items]
Accounts receivable, gross	880,827	692,033	898,383
Allowance for doubtful accounts	(18,349)	(18,237)	(18,192)	(17,307)
Accounts receivable, net	862,478	673,796	880,191
Retail
Segment Reporting Information [Line Items]
Accounts receivable, gross	806	1,227	1,010
Allowance for doubtful accounts	(63)	(60)	(66)	$ (84)
Accounts receivable, net	$ 743	$ 1,167	$ 944

LEASES

9 Months Ended

Oct. 31, 2023

LEASES [Abstract]

LEASES

NOTE 5 – LEASES

The Company leases retail stores, warehouses, distribution centers, office space and certain equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

Most leases are for a term of one to ten years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years. Several of the Company’s retail store leases include an option to terminate the lease based on failure to achieve a specified sales volume. The exercise of lease renewal options is generally at the Company’s sole discretion. The exercise of lease termination options is generally by mutual agreement between the Company and the lessor.

Certain of the Company’s lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The Company’s operating lease assets and liabilities as of October 31, 2023, October 31, 2022 and January 31, 2023 consist of the following:



Leases	Classification	October 31, 2023		October 31, 2022		January 31, 2023

		(In thousands)
Assets
Operating	Operating lease assets	$	221,474	$	216,663	$	239,665

Liabilities
Current operating	Current operating lease liabilities	$	55,897	$	50,645	$	52,917
Noncurrent operating	Noncurrent operating lease liabilities		183,522		185,171		204,974
Total lease liabilities		$	239,419	$	235,816	$	257,891

The Company recorded lease costs of $18.1 million and $55.1 million during the three and nine months ended October 31, 2023. The Company recorded lease costs of $17.1 million and $46.1 million during the three and nine months ended October 31, 2022. Lease costs are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income. The Company recorded variable lease costs and short-term lease costs of $6.7 million and $18.1 million for the three and nine months ended October 31, 2023. The Company recorded variable lease costs and short-term lease costs of $6.1 million and $16.7 million for the three and nine months ended October 31, 2022. Short-term lease costs are immaterial.

As of October 31, 2023, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2028 and thereafter are as follows:


Year Ending January 31,	Amount
	(In thousands)
2024	$	17,459
2025		72,772
2026		59,813
2027		46,756
2028		37,635
After 2028		60,142
Total lease payments	$	294,577
Less: Interest		55,158
Present value of lease liabilities	$	239,419

As of October 31, 2023, there are no material leases that are legally binding but have not yet commenced.

As of October 31, 2023, the weighted average remaining lease term related to operating leases is 5.0 years. The weighted average discount rate related to operating leases is 8.5%.

Cash paid for amounts included in the measurement of operating lease liabilities was $53.2 million and $47.6 million during the nine months ended October 31, 2023 and 2022, respectively. Right-of-use assets obtained in exchange for lease obligations were $26.8 million and $96.7 million during the nine months ended October 31, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Cash flows from operating activities
Net Income (Loss)	$ 147,314	$ 128,056
Adjustments to reconcile net income (loss) to net cash provided by operating activities, net of assets and liabilities acquired:
Depreciation and amortization	19,130	20,021
Loss on disposal of fixed assets	239	127
Non-cash operating lease costs	43,467	38,264
Gain on lease terminations		(38)
Asset impairment	222	250
Equity (gain)/loss in unconsolidated affiliates	3,725	(817)
Change in fair value of equity investment	(1,009)	1,182
Share-based compensation	11,728	28,917
Deferred financing charges and debt discount amortization	6,054	7,629
Deferred income taxes	(519)	(1,347)
Non-cash gain on fair value of prior minority ownership of Karl Lagerfeld		(30,925)
Changes in operating assets and liabilities:
Accounts receivable, net	(188,258)	(248,280)
Inventories	117,815	(355,313)
Income taxes, net	35,175	29,444
Prepaid expenses and other current assets	12,636	5,274
Other assets, net	(3,044)	(718)
Customer refund liabilities	18,282	12,740
Operating lease liabilities	(43,750)	(38,312)
Accounts payable, accrued expenses and other liabilities	47,064	(11,484)
Net cash provided by (used in) operating activities	226,271	(415,330)
Cash flows from investing activities
Operating lease assets initial direct costs	(52)	(85)
Investment in e-commerce retailer		(25,000)
Investment in equity interest of private company	(3,600)
Investment in equity securities		(22,378)
Sale of equity securities		22,434
Capital expenditures	(15,653)	(14,803)
Acquisition of KLH, net of cash acquired		(168,592)
Acquisition of other foreign business, net of cash acquired		(2,701)
Net cash used in investing activities	(19,305)	(211,125)
Cash flows from financing activities
Repayment of borrowings - revolving credit facility	(112,826)	(172,513)
Proceeds from borrowings - revolving credit facility	32,738	512,748
Repayment of borrowings - LVMH Note	(75,000)
Repayment of borrowings - foreign facilities	(106,100)	(28,512)
Proceeds from borrowings - foreign facilities	99,032	36,863
Purchase of treasury shares	(26,100)	(16,622)
Taxes paid for net share settlements	(10,828)	(9,790)
Net cash provided by (used in) financing activities	(199,084)	322,174
Foreign currency translation adjustments	(2,143)	(10,984)
Net increase (decrease) in cash and cash equivalents	5,739	(315,265)
Cash and cash equivalents at beginning of year	191,652	465,984
Cash payments:
Interest, net	32,882	38,391
Income tax payments, net	$ 20,195	$ 4,643

Fair Value of Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2023

Fair Value of Financial Instruments [Abstract]

Schedule of carrying values and estimated fair values of debt instruments

The following table summarizes the carrying values and the estimated fair values of the Company’s debt instruments:


		Carrying Value						Fair Value
		October 31,		October 31,		January 31,		October 31,		October 31,		January 31,
Financial Instrument	Level	2023		2022		2023		2023		2022		2023

		(In thousands)
Secured Notes	1	$	400,000	$	400,000	$	400,000	$	396,340	$	379,000	$	380,000
Revolving credit facility	2		—		340,235		80,087		—		340,235		80,087
Note issued to LVMH	3		49,787		119,415		121,202		49,350		118,173		119,426
Unsecured loans	2		9,097		10,446		10,866		9,097		10,446		10,866
Overdraft facilities	2		1,872		3,664		3,657		1,872		3,664		3,657
Foreign credit facility	2		4,161		10,416		7,792		4,161		10,416		7,792

Net Income per Common Share - Reconciliation between basic and diluted net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Net Income per Common Share
Net Income (Loss)	$ 127,640	$ 61,103	$ 147,314	$ 128,056
Basic net income (loss) per share:
Basic common shares	45,723	47,488	45,904	47,832
Basic net income (loss) per share (in dollars per share)	$ 2.79	$ 1.29	$ 3.21	$ 2.68
Diluted net income (loss) per share:
Basic common shares	45,723	47,488	45,904	47,832
Diluted restricted stock awards and stock options	837	987	1,088	1,034
Diluted common shares	46,560	48,475	46,992	48,866
Diluted net income (loss) per share (in dollars per share)	$ 2.74	$ 1.26	$ 3.13	$ 2.62

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

ALLOWANCE FOR DOUBTFUL ACCOUNTS

9 Months Ended

Oct. 31, 2023

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS

NOTE 2 – ALLOWANCE FOR DOUBTFUL ACCOUNTS

The Company’s financial instruments consist of trade receivables arising from revenue transactions in the ordinary course of business. The Company considers its trade receivables to consist of two portfolio segments: wholesale and retail trade receivables. Wholesale trade receivables result from credit the Company has extended to its wholesale customers based on pre-defined criteria and are generally due within 30 to 60 days. Retail trade receivables primarily relate to amounts due from third-party credit card processors for the settlement of debit and credit card transactions and are typically collected within 3 to 5 days.

The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2023, October 31, 2022 and January 31, 2023 were:


	October 31, 2023
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	880,827	$	806	$	881,633
Allowance for doubtful accounts		(18,349)		(63)		(18,412)
Accounts receivable, net	$	862,478	$	743	$	863,221

	October 31, 2022
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	898,383	$	1,010	$	899,393
Allowance for doubtful accounts		(18,192)		(66)		(18,258)
Accounts receivable, net	$	880,191	$	944	$	881,135

	January 31, 2023
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	692,033	$	1,227	$	693,260
Allowance for doubtful accounts		(18,237)		(60)		(18,297)
Accounts receivable, net	$	673,796	$	1,167	$	674,963

The allowance for doubtful accounts for wholesale trade receivables is estimated based on several factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (such as in the case of bankruptcy filings (including potential bankruptcy filings), extensive delay in payment or substantial downgrading by credit rating agencies), a specific reserve for bad debt is recorded against amounts due from that customer to reduce the net recognized receivable to the amount reasonably expected to be collected. For all other wholesale customers, an allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the end of the reporting period for financial statements, assessments of collectability based on historical trends and an evaluation of the impact of economic conditions. The Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts.

The allowance for doubtful accounts for retail trade receivables is estimated at the credit card chargeback rate applied to the previous 90 days of credit card sales. In addition, the Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts.

The Company had the following activity in its allowance for credit losses:


	Wholesale		Retail		Total

	(In thousands)
Balance as of January 31, 2023	$	(18,237)	$	(60)	$	(18,297)
Provision for credit losses, net		(115)		(3)		(118)
Accounts written off as uncollectible		3		—		3
Balance as of October 31, 2023	$	(18,349)	$	(63)	$	(18,412)

Balance as of January 31, 2022	$	(17,307)	$	(84)	$	(17,391)
Provision for credit losses, net		(935)		18		(917)
Accounts written off as uncollectible		50		—		50
Balance as of October 31, 2022	$	(18,192)	$	(66)	$	(18,258)

Balance as of January 31, 2022	$	(17,307)	$	(84)	$	(17,391)
Provision for credit losses, net		(1,002)		24		(978)
Accounts written off as uncollectible		72		—		72
Balance as of January 31, 2023	$	(18,237)	$	(60)	$	(18,297)

Fair Value of Financial Instruments - Textuals (Details) - USD ($) $ in Thousands			9 Months Ended	12 Months Ended
	Dec. 01, 2023	Jun. 01, 2023	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022
Debt Instrument [Line Items]
Outstanding amount			$ 402,846	$ 483,840	$ 787,892
Impairment of the operating lease assets, net of tax				$ 2,700
Repayment of debt			$ 75,000
LVMH Note
Debt Instrument [Line Items]
Debt instrument interest rate			2.00%
Debt Instrument, Face Amount			$ 125,000
Debt discount			$ 40,000
Repayment of debt		$ 75,000
LVMH Note \| Subsequent Event
Debt Instrument [Line Items]
Repayment of debt	$ 50,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

LEASES - Future minimum payments under our operating lease (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 17,459
2025	72,772
2026	59,813
2027	46,756
2028	37,635
After 2028	60,142
Total lease payments	294,577
Less: Interest	55,158
Present value of lease liabilities	$ 239,419	$ 257,891	$ 235,816

SEGMENTS

9 Months Ended

Oct. 31, 2023

SEGMENTS [Abstract]

SEGMENTS

NOTE 10 – SEGMENTS

The Company’s reportable segments are business units that offer products through different channels of distribution. The Company has two reportable segments: wholesale operations and retail operations. The wholesale operations segment includes sales of products to retailers under owned, licensed and private label brands, as well as sales related to the Vilebrequin and Karl Lagerfeld businesses, including from retail stores operated by Vilebrequin and Karl Lagerfeld, other than sales of product under the Karl Lagerfeld Paris brand generated by the Company’s retail stores and digital outlets. Wholesale revenues also include revenues from license agreements related to the DKNY, Donna Karan, Karl Lagerfeld, Vilebrequin, G.H. Bass, Andrew Marc and Sonia Rykiel trademarks owned by the Company. The retail operations segment consists primarily of direct sales to consumers through Company-operated stores, which consists primarily of DKNY and Karl Lagerfeld Paris stores, as well as the digital channels for DKNY, Donna Karan, Karl Lagerfeld Paris, G.H. Bass and Wilsons Leather. Substantially all DKNY and Karl Lagerfeld Paris stores are operated as outlet stores.

The following segment information is presented for the three and nine month periods indicated below:


	Three Months Ended October 31, 2023
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,054,303	$	32,711	$	(19,904)	$	1,067,110
Cost of goods sold		636,961		16,640		(19,904)		633,697
Gross profit		417,342		16,071		—		433,413
Selling, general and administrative expenses		213,263		23,045		—		236,308
Depreciation and amortization		5,475		1,120		—		6,595
Asset impairments and gain on lease terminations		222		—		—		222
Operating profit (loss)	$	198,382	$	(8,094)	$	—	$	190,288


	Three Months Ended October 31, 2022
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,069,574	$	28,762	$	(20,037)	$	1,078,299
Cost of goods sold		740,734		12,975		(20,037)		733,672
Gross profit		328,840		15,787		—		344,627
Selling, general and administrative expenses		216,916		22,977		—		239,893
Depreciation and amortization		6,224		1,046		—		7,270
Asset impairment, net of gain on lease terminations		250		—		—		250
Operating profit (loss)	$	105,450	$	(8,236)	$	—	$	97,214


	Nine Months Ended October 31, 2023
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	2,280,391	$	97,268	$	(44,199)	$	2,333,460
Cost of goods sold		1,369,315		48,478		(44,199)		1,373,594
Gross profit		911,076		48,790		—		959,866
Selling, general and administrative expenses		633,841		69,635		—		703,476
Depreciation and amortization		16,247		2,883		—		19,130
Asset impairment, net of gain on lease terminations		222		—		—		222
Operating profit (loss)	$	260,766	$	(23,728)	$	—	$	237,038


	Nine Months Ended October 31, 2022
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	2,338,435	$	87,758	$	(53,893)	$	2,372,300
Cost of goods sold		1,564,595		42,006		(53,893)		1,552,708
Gross profit		773,840		45,752		—		819,592
Selling, general and administrative expenses		548,411		67,940		—		616,351
Depreciation and amortization		17,304		2,717		—		20,021
Asset impairment, net of gain on lease terminations		250		(38)		—		212
Operating profit (loss)	$	207,875	$	(24,867)	$	—	$	183,008

(1)Represents intersegment sales to the Company’s retail operations segment.

The total net sales by licensed and proprietary product sales for each of the Company’s reportable segments are as follows:


	Three Months Ended				Nine Months Ended
	October 31, 2023		October 31, 2022		October 31, 2023		October 31, 2022

	(In thousands)
Licensed brands	$	625,231	$	669,408	$	1,261,894	$	1,403,142
Proprietary brands		429,072		400,166		1,018,497		935,293
Wholesale net sales⁽¹⁾	$	1,054,303	$	1,069,574	$	2,280,391	$	2,338,435

Licensed brands	$	—	$	—	$	—	$	—
Proprietary brands		32,711		28,762		97,268		87,758
Retail net sales	$	32,711	$	28,762	$	97,268	$	87,758

(1)

As of May 31, 2022, the Company acquired the remaining interests in KLH (Karl Lagerfeld branded product) that it did not already own. Net sales of Karl Lagerfeld product were included in licensed brands net sales of the wholesale operations segment through May 31, 2022. Subsequent to May 31, 2022, net sales of Karl Lagerfeld product are included in proprietary brands net sales of the wholesale operations segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

SEGMENTS - Information Regarding Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,067,110	$ 1,078,299	$ 2,333,460	$ 2,372,300
Cost of goods sold	633,697	733,672	1,373,594	1,552,708
Gross profit	433,413	344,627	959,866	819,592
Selling, general and administrative expenses	236,308	239,893	703,476	616,351
Depreciation and amortization	6,595	7,270	19,130	20,021
Asset impairments and gain on lease terminations	222	250	222	212
Operating profit (loss)	190,288	97,214	237,038	183,008
Operating Segments \| Wholesale operations
Segment Reporting Information [Line Items]
Net sales	1,054,303	1,069,574	2,280,391	2,338,435
Cost of goods sold	636,961	740,734	1,369,315	1,564,595
Gross profit	417,342	328,840	911,076	773,840
Selling, general and administrative expenses	213,263	216,916	633,841	548,411
Depreciation and amortization	5,475	6,224	16,247	17,304
Asset impairments and gain on lease terminations	222	250	222	250
Operating profit (loss)	198,382	105,450	260,766	207,875
Operating Segments \| Retail
Segment Reporting Information [Line Items]
Net sales	32,711	28,762	97,268	87,758
Cost of goods sold	16,640	12,975	48,478	42,006
Gross profit	16,071	15,787	48,790	45,752
Selling, general and administrative expenses	23,045	22,977	69,635	67,940
Depreciation and amortization	1,120	1,046	2,883	2,717
Asset impairments and gain on lease terminations				(38)
Operating profit (loss)	(8,094)	(8,236)	(23,728)	(24,867)
Elimination
Segment Reporting Information [Line Items]
Net sales	(19,904)	(20,037)	(44,199)	(53,893)
Cost of goods sold	$ (19,904)	$ (20,037)	$ (44,199)	$ (53,893)

KARL LAGERFELD ACQUISITION - Textual (Detail) $ in Thousands, € in Millions			9 Months Ended		12 Months Ended
	May 31, 2022 USD ($)	May 31, 2022 EUR (€)	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)	May 30, 2022
Business Acquisition [Line Items]
Recorded gain				$ 30,925
Goodwill impairment					$ 347,200
Goodwill				$ 303,668
Karl Lagerfeld Holding B.V. ("KLH")
Business Acquisition [Line Items]
Ownership percent						19.00%
KL North America B.V. [Member]
Business Acquisition [Line Items]
Ownership percent						49.00%
Karl Lagerfeld Holding B.V. [Member]
Business Acquisition [Line Items]
Remaining percentage of interest	81.00%
Initial Purchase Price	$ 207,607
Business combination, consideration transferred \| €		€ 193.4
Recorded gain	27,100
Adjustment to assets in acquisition			$ 36,900
Adjustment to liabilities in acquisition			$ 36,900
Goodwill impairment					$ 84,300
Goodwill	$ 84,336
Estimated Life			15 years
Karl Lagerfeld Holding B.V. [Member] \| Karl Lagerfeld Holding B.V. ("KLH")
Business Acquisition [Line Items]
Ownership percent						19.00%
Karl Lagerfeld Holding B.V. [Member] \| Karl Lagerfeld Holding B.V. ("KLH")
Business Acquisition [Line Items]
Remaining percentage of interest	81.00%

NOTES PAYABLE (Tables)

9 Months Ended

Oct. 31, 2023

NOTES PAYABLE [Abstract]

Schedule of long-term debt

Long-term debt consists of the following:


	October 31, 2023		October 31, 2022		January 31, 2023

	(In thousands)
Secured Notes	$	400,000	$	400,000	$	400,000
Revolving credit facility		—		340,235		80,087
LVMH Note		50,000		125,000		125,000
Unsecured loans		9,097		10,446		10,866
Overdraft facilities		1,872		3,664		3,657
Foreign credit facility		4,161		10,416		7,792
Subtotal		465,130		889,761		627,402
Less: Net debt issuance costs ⁽¹⁾		(2,972)		(4,671)		(4,246)
Debt discount		(213)		(5,585)		(3,798)
Current portion of long-term debt		(59,099)		(91,613)		(135,518)
Total	$	402,846	$	787,892	$	483,840

(1)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock, Common [Member]	Total
Balance at beginning of period at Jan. 31, 2022	$ 264	$ 456,329	$ (14,529)	$ 1,117,005		$ 1,519,912
Balance at beginning of period, treasury at Jan. 31, 2022					$ (39,157)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(10,226)			10,226
Share-based compensation expense		28,917				28,917
Taxes paid for net share settlements		(9,790)				(9,790)
Other comprehensive gain (loss), net			(28,215)			(28,215)
Repurchases of common stock					(16,622)	(16,622)
Net Income (Loss)				128,056		128,056
Balance at end of period, treasury at Oct. 31, 2022					(45,553)	(45,553)
Balance at end of period at Oct. 31, 2022	264	465,230	(42,744)	1,245,061		1,622,258
Balance at beginning of period at Jul. 31, 2022	264	461,621	(16,226)	1,183,958		1,584,001
Balance at beginning of period, treasury at Jul. 31, 2022					(45,616)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(63)			63
Share-based compensation expense		3,672				3,672
Other comprehensive gain (loss), net			(26,518)			(26,518)
Net Income (Loss)				61,103		61,103
Balance at end of period, treasury at Oct. 31, 2022					(45,553)	(45,553)
Balance at end of period at Oct. 31, 2022	264	465,230	(42,744)	1,245,061		1,622,258
Balance at beginning of period at Jan. 31, 2023	264	468,712	(11,653)	983,944		1,385,448
Balance at beginning of period, treasury at Jan. 31, 2023					(55,819)	(55,819)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(16,108)			16,108
Share-based compensation expense		11,728				11,728
Taxes paid for net share settlements		(10,828)				(10,828)
Other comprehensive gain (loss), net			(4,342)			(4,342)
Repurchases of common stock					(26,100)	(26,100)
Net Income (Loss)				147,314		147,314
Balance at end of period, treasury at Oct. 31, 2023					(65,811)	(65,811)
Balance at end of period at Oct. 31, 2023	264	453,504	(15,995)	1,131,258		1,503,220
Balance at beginning of period at Jul. 31, 2023	264	448,762	(4,603)	1,003,618		1,382,115
Balance at beginning of period, treasury at Jul. 31, 2023					(65,926)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards exercised/vested, net		(115)			115
Share-based compensation expense		4,890				4,890
Taxes paid for net share settlements		(33)				(33)
Other comprehensive gain (loss), net			(11,392)			(11,392)
Net Income (Loss)				127,640		127,640
Balance at end of period, treasury at Oct. 31, 2023					$ (65,811)	(65,811)
Balance at end of period at Oct. 31, 2023	$ 264	$ 453,504	$ (15,995)	$ 1,131,258		$ 1,503,220

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

NOTES PAYABLE - Long-term debt (Details) $ in Thousands, € in Millions	Oct. 31, 2023 USD ($)	Oct. 31, 2023 EUR (€)	Jan. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total	$ 402,846		$ 483,840	$ 787,892
Long-term Debt
Debt Instrument [Line Items]
Subtotal	465,130		627,402	889,761
Less: Net debt issuance costs	(2,972)		(4,246)	(4,671)
Debt discount	(213)		(3,798)	(5,585)
Current portion of long-term debt	(59,099)		(135,518)	(91,613)
Secured notes
Debt Instrument [Line Items]
Debt issuance costs	8,500
Secured notes \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	400,000		400,000	400,000
Revolving credit facility
Debt Instrument [Line Items]
Debt issuance costs	2,800		4,000	4,400
Revolving credit facility \| Long-term Debt
Debt Instrument [Line Items]
Subtotal			80,087	340,235
LVMH Note
Debt Instrument [Line Items]
Debt discount	(40,000)
LVMH Note \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	50,000		125,000	125,000
Unsecured Loan
Debt Instrument [Line Items]
Total	9,100	€ 8.6
Unsecured Loan \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	9,097		10,866	10,446
Overdraft facilities \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	1,872		3,657	3,664
Foreign credit facility \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	$ 4,161		$ 7,792	$ 10,416

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022
Current assets
Cash and cash equivalents	$ 197,391	$ 191,652	$ 150,719
Accounts receivable, net of allowance for doubtful accounts of $18,412 $18,258 and $18,297, respectively	863,221	674,963	881,135
Inventories	591,530	709,345	900,987
Prepaid income taxes	2,216	5,886	1,110
Prepaid expenses and other current assets	58,779	70,654	50,594
Total current assets	1,713,137	1,652,500	1,984,545
Investments in unconsolidated affiliates	24,354	24,467	25,870
Property and equipment, net	52,032	53,742	54,185
Operating lease assets	221,474	239,665	216,663
Other assets, net	53,852	52,644	54,206
Other intangibles, net	32,565	34,842	34,585
Deferred income tax assets, net	26,389	26,389	8,973
Trademarks	625,530	628,156	607,526
Goodwill			303,668
Total assets	2,749,333	2,712,405	3,290,221
Current liabilities
Current portion of notes payable	59,099	135,518	91,613
Accounts payable	179,396	169,508	223,154
Accrued expenses	153,200	115,586	150,349
Customer refund liabilities	108,042	89,760	99,528
Current operating lease liabilities	55,897	52,917	50,645
Income tax payable	46,380	14,875	26,956
Other current liabilities	330	905	933
Total current liabilities	602,344	579,069	643,178
Notes payable, net of discount and unamortized issuance costs	402,846	483,840	787,892
Deferred income tax liabilities, net	44,265	44,783	34,894
Noncurrent operating lease liabilities	183,522	204,974	185,171
Other non-current liabilities	14,543	15,141	16,787
Total liabilities	1,247,520	1,327,807	1,667,922
Redeemable noncontrolling interests	(1,407)	(850)	41
Stockholders' Equity
Preferred stock; 1,000 shares authorized; no shares issued and outstanding
Common stock - $0.01 par value; 120,000 shares authorized; 49,396, 49,396 and 49,396 shares issued, respectively	264	264	264
Additional paid-in capital	453,504	468,712	465,230
Accumulated other comprehensive loss	(15,995)	(11,653)	(42,744)
Retained earnings	1,131,258	983,944	1,245,061
Common stock held in treasury, at cost - 3,675, 1,909 and 2,680 shares, respectively	(65,811)	(55,819)	(45,553)
Total stockholders' equity	1,503,220	1,385,448	1,622,258
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 2,749,333	$ 2,712,405	$ 3,290,221

INVENTORIES - Textuals (Details) - USD ($) $ in Millions	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022
Inventory [Line Items]
Inventory held on consignment	$ 7.9	$ 6.6	$ 6.5
Prepaid Expenses and Other Current Assets
Inventory [Line Items]
Inventory return asset	$ 15.6	$ 19.2	$ 17.1

SEGMENTS - Schedule of Total Net Sales by Licensed and Proprietary Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,067,110	$ 1,078,299	$ 2,333,460	$ 2,372,300
Elimination
Segment Reporting Information [Line Items]
Net sales	(19,904)	(20,037)	(44,199)	(53,893)
Wholesale operations \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,054,303	1,069,574	2,280,391	2,338,435
Wholesale operations \| Operating Segments \| Licensed Brands [Member]
Segment Reporting Information [Line Items]
Net sales	625,231	669,408	1,261,894	1,403,142
Wholesale operations \| Operating Segments \| Proprietary Brands [Member]
Segment Reporting Information [Line Items]
Net sales	429,072	400,166	1,018,497	935,293
Retail \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	32,711	28,762	97,268	87,758
Retail \| Operating Segments \| Proprietary Brands [Member]
Segment Reporting Information [Line Items]
Net sales	$ 32,711	$ 28,762	$ 97,268	$ 87,758

- Definition

+ References

+ Details

RELATED PARTY TRANSACTIONS - Textuals (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2023	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	May 30, 2022
Related Party Transaction [Line Items]
Other current liabilities		$ 330	$ 905	$ 933
Karl Lagerfeld Holding B.V. ("KLH")
Related Party Transaction [Line Items]
Percent of interest acquired in joint venture					19.00%
KL North America B.V. [Member]
Related Party Transaction [Line Items]
Percent of interest acquired in joint venture					49.00%
Related Party [Member] \| President [Member]
Related Party Transaction [Line Items]
Amount of transaction with related party	$ 4,100
Shares repurchased	208,943

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Net Income per Common Share - Textuals (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Net Income per Common Share
Common stock excluded from the diluted net income per share calculation	8,200	310,600	59,200	258,600

INVENTORIES

9 Months Ended

Oct. 31, 2023

INVENTORIES [Abstract]

INVENTORIES

NOTE 3 – INVENTORIES

Wholesale inventories, which comprise a significant portion of the Company’s inventory, are stated at the lower of cost (determined by the first-in, first-out method) or net realizable value. Retail and Vilebrequin inventories are stated at the lower of cost (determined by the weighted average method) or net realizable value. Substantially all of the Company’s inventories consist of finished goods.

The inventory return asset, which consists of the amount of goods that are anticipated to be returned by customers, was $15.6 million, $17.1 million and $19.2 million as of October 31, 2023, October 31, 2022 and January 31, 2023, respectively. The inventory return asset is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.

Inventory held on consignment by the Company’s customers totaled $7.9 million, $6.5 million and $6.6 million at October 31, 2023, October 31, 2022 and January 31, 2023, respectively. The Company reflects this inventory on its condensed consolidated balance sheets.

NOTES PAYABLE - Textuals (Details) $ in Thousands, € in Millions, SFr in Millions			1 Months Ended	6 Months Ended	9 Months Ended		39 Months Ended
	Jun. 01, 2023 USD ($)	Aug. 06, 2020 USD ($)	Aug. 31, 2020 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 EUR (€)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 EUR (€)	Oct. 31, 2023 CHF (SFr)	Jan. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Aug. 07, 2020 USD ($)
Debt Instrument [Line Items]
Prepayment of principal amount					$ 75,000
Outstanding amount				$ 402,846	402,846		$ 402,846			$ 483,840	$ 787,892
Unamortized debt issuance costs		$ 3,300
Interest expense		$ 400
Secured Overnight Financing Rate SOFR Overnight Index Swap Rate One-Month Interest Period [Member]
Debt Instrument [Line Items]
Variable rate spread				1.00%
Term Loan [Member]
Debt Instrument [Line Items]
Prepayment of principal amount			$ 300,000
Long-term Debt
Debt Instrument [Line Items]
Debt discount				$ 213	$ 213		$ 213			3,798	5,585
Secured notes
Debt Instrument [Line Items]
Interest rate terms					The Notes bear interest at a rate of 7.875% per year payable semi-annually in arrears on February 15 and August 15 of each year.	The Notes bear interest at a rate of 7.875% per year payable semi-annually in arrears on February 15 and August 15 of each year.
Debt instrument interest rate				7.875%	7.875%		7.875%	7.875%	7.875%			7.875%
Frequency of periodic payment					semi-annually	semi-annually
Principal amount of debt												$ 400,000
Debt issuance costs				$ 8,500	$ 8,500		$ 8,500
Secured notes \| If Company experiences a Change of Control [Member]
Debt Instrument [Line Items]
Redemption percentage							101.00%
Revolving credit facility
Debt Instrument [Line Items]
Debt issuance costs				$ 2,800	$ 2,800		$ 2,800			$ 4,000	4,400
LVMH Note
Debt Instrument [Line Items]
Prepayment of principal amount	$ 75,000
Debt instrument interest rate				2.00%	2.00%		2.00%	2.00%	2.00%
Principal amount of debt				$ 125,000	$ 125,000		$ 125,000
Debt discount				40,000	$ 40,000		40,000
Debt facility amount											$ 75,000
LVMH Note \| Notes Payable Due On June 1 2023
Debt Instrument [Line Items]
Prepayment of principal amount	$ 75,000
Maturity date					Jun. 01, 2023	Jun. 01, 2023
LVMH Note \| Notes Payable due on December 1, 2023
Debt Instrument [Line Items]
Principal amount of debt				50,000	$ 50,000		50,000
Maturity date					Dec. 01, 2023	Dec. 01, 2023
Unsecured Loan
Debt Instrument [Line Items]
Outstanding amount				$ 9,100	$ 9,100		$ 9,100	€ 8.6
Installment payments \| €						€ 0.6
Overdraft facility
Debt Instrument [Line Items]
Principal amount of debt								€ 5.0	SFr 4.7
Fixed rate				1.75%	1.75%		1.75%	1.75%	1.75%
Debt facility amount				$ 1,900	$ 1,900		$ 1,900	€ 1.8
Standby Letters of Credit
Debt Instrument [Line Items]
Borrowings outstanding				2,900	2,900		2,900
Foreign credit facility
Debt Instrument [Line Items]
Maximum borrowing amount \| €								15.0
Borrowings outstanding				4,200	$ 4,200		4,200	€ 3.9
Foreign credit facility \| Euro Interbank Offered Rate [Member]
Debt Instrument [Line Items]
Variable rate spread					1.70%	1.70%
Trade
Debt Instrument [Line Items]
Borrowings outstanding				$ 2,000	$ 2,000		$ 2,000
Minimum \| Unsecured Loan
Debt Instrument [Line Items]
Fixed rate				0.00%	0.00%		0.00%	0.00%	0.00%
Minimum \| Overdraft facility
Debt Instrument [Line Items]
Variable interest rate				0.00%	0.00%		0.00%	0.00%	0.00%
Maximum \| Unsecured Loan
Debt Instrument [Line Items]
Fixed rate				5.00%	5.00%		5.00%	5.00%	5.00%
Maximum \| Overdraft facility
Debt Instrument [Line Items]
Variable interest rate				0.50%	0.50%		0.50%	0.50%	0.50%

KARL LAGERFELD ACQUISITION

9 Months Ended

Oct. 31, 2023

KARL LAGERFELD ACQUISITION [Abstract]

KARL LAGERFELD ACQUISITION

NOTE 6 – KARL LAGERFELD ACQUISITION

On April 29, 2022, the Company entered into a share purchase agreement (the “Purchase Agreement”) pursuant to which the Company agreed to acquire the remaining 81% interest in KLH that it did not already own, for an aggregate consideration of €193.4 million (approximately $207.6 million) in cash, after taking into account certain adjustments. The acquisition closed on May 31, 2022. The Company funded the purchase price from cash on hand.

On May 31, 2022, the effective date of the acquisition, the Company’s previously held 19% investment in KLH and 49% investment in KLNA were remeasured at fair value using a market approach based on the purchase price of the acquisition and a discount for lack of control related to the Company’s previously held minority investment in KLH. As a result of this remeasurement, a non-cash gain of $27.1 million was recorded as of the effective date of the acquisition.

The addition of Karl Lagerfeld to the Company’s portfolio of owned brands advances several of its strategic initiatives, including increasing its direct ownership of brands and their licensing opportunities and further diversifying its global presence. This acquisition offers additional opportunities to expand the Company’s international growth by further developing its European-based brands, which also include Vilebrequin and Sonia Rykiel. The Company believes that Karl Lagerfeld’s existing digital channel presence provides an opportunity for the Company to enhance its omni-channel business and further accelerate its digital initiatives.

Purchase Price Consideration

The purchase price of $207.6 million, after taking into account certain adjustments, was paid from cash on hand. The purchase price has been revised to include adjustments in accordance with the Purchase Agreement.

The initial purchase price and the valuation of the prior minority ownership for the acquisition of KLH is as follows (in thousands):


Cash disbursed for the acquisition of KLH	$	168,592
Plus: cash acquired		38,499
Plus: aggregate adjustments to purchase price		516
Initial purchase price		207,607
Plus: fair value of prior minority ownership		102,858
Total consideration	$	310,465

Allocation of the Purchase Price Consideration

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition:


(In thousands)
Cash and cash equivalents	$	38,499
Accounts receivable, net		28,449
Inventories		33,489
Prepaid income taxes		1,100
Prepaid expenses and other current assets		3,347
Property, plant and equipment, net		11,545
Operating lease assets		55,753
Goodwill		84,336
Trademarks		178,823
Customer relationships		4,294
Deferred income taxes		5,131
Other long-term assets		2,237
Total assets acquired	$	447,003
Notes payable		3,606
Accounts payable		9,175
Accrued expenses		15,261
Operating lease liabilities		58,942
Income taxes payable		2,099
Deferred income taxes		42,222
Other long-term liabilities		5,233
Total liabilities assumed	$	136,538
Total fair value of acquisition consideration	$	310,465

During the year ended January 31, 2023, the Company recorded adjustments to the fair values of assets acquired and liabilities assumed at the date of acquisition based on additional information obtained. The Company recorded an

additional $36.9 million in both total assets and total liabilities, primarily related to goodwill, deferred tax assets and liabilities, operating lease assets, inventories, accounts receivable, net, accounts payable, customer relationships and operating lease liabilities.

The Company recognized goodwill of approximately $84.3 million in connection with the acquisition of KLH. The goodwill was assigned to the Company’s wholesale operations reporting unit. In fiscal 2023, as a result of the Company’s annual impairment test, the Company recorded a $347.2 million non-cash impairment charge to fully impair the carrying value of its goodwill. This charge included all of the $84.3 million of goodwill previously recognized in connection with the acquisition of KLH. The Company made an election under Internal Revenue Code Section 338(g) to amortize the total goodwill and intangible assets over a 15 year period for income tax purposes in the United States.

The fair values assigned to identifiable intangible assets acquired were based on assumptions and estimates made by management using unobservable inputs reflecting the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability based on the best information available. The fair values of the trademarks were determined using the relief from royalty method and the fair value of the customer relationships were determined using an income approach. The Company classifies these intangibles as Level 3 fair value measurements. Identifiable intangible assets acquired include the following (in thousands):

The Company recognized approximately $5.6 million of acquisition related costs that were expensed in fiscal 2023 and fiscal 2022. The fiscal 2023 and fiscal 2022 acquisition and integration costs were recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income for the fiscal years ended January 31, 2023 and 2022, respectively.

The fair value of assets acquired and liabilities assumed were finalized as of May 31, 2023.

Basis of Presentation - Textuals (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	May 31, 2022	May 30, 2022	Jan. 31, 2022
Schedule of Equity Method Investments [Line Items]
Cumulative effect of adoption of ASC	$ 1,503,220	$ 1,382,115	$ 1,385,448	$ 1,622,258	$ 1,584,001			$ 1,519,912
Retained Earnings
Schedule of Equity Method Investments [Line Items]
Cumulative effect of adoption of ASC	$ 1,131,258	$ 1,003,618	$ 983,944	$ 1,245,061	$ 1,183,958			$ 1,117,005
Fabco Holding B.V. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percent				75.00%
Karl Lagerfeld Holding B.V. ("KLH")
Schedule of Equity Method Investments [Line Items]
Ownership percent							19.00%
KL North America B.V. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percent							49.00%
Karl Lagerfeld Holding B.V. ("KLH") \| KL North America B.V. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percent							51.00%
Karl Lagerfeld Holding B.V. [Member]
Schedule of Equity Method Investments [Line Items]
Remaining percentage of interest						81.00%
Karl Lagerfeld Holding B.V. [Member] \| Karl Lagerfeld Holding B.V. ("KLH")
Schedule of Equity Method Investments [Line Items]
Remaining percentage of interest						81.00%
Karl Lagerfeld Holding B.V. [Member] \| Karl Lagerfeld Holding B.V. ("KLH")
Schedule of Equity Method Investments [Line Items]
Ownership percent							19.00%

KARL LAGERFELD ACQUISITION (Detail) - May 31, 2022 - Karl Lagerfeld Holding B.V. [Member] $ in Thousands, € in Millions	USD ($)	EUR (€)
Business Acquisition [Line Items]
Purchase price	$ 168,592
Plus: cash acquired	38,499
Plus: aggregate adjustments to purchase price	516
Initial Purchase Price	207,607
Plus: fair value of prior minority ownership	102,858
Total consideration	$ 310,465
Total consideration \| €		€ 193.4

Canadian Customs Duty Examination

9 Months Ended

Oct. 31, 2023

Canadian Customs Duty Examination [Abstract]

Canadian Customs Duty Examination

NOTE 12 – CANADIAN CUSTOMS DUTY EXAMINATION

In accordance with a favorable ruling by the Canadian International Trade Tribunal, in fiscal 2023 and fiscal 2024, G-III Canada received refunds from the Canada Border Service Agency (“CBSA”) in the aggregate amount of CAD$2.7 million ($2.0 million), including interest and net of a dutiable design assist, for amounts paid by G-III Canada to the CBSA between February 1, 2014 and January 31, 2018. G-III Canada has filed adjustment requests with the CBSA for the period from February 1, 2018 to January 31, 2022 to amend declared dutiable values. These amendments are expected to result in an additional refund of duty and interest, net of refunds already received, from the CBSA of approximately CAD$12.4 million ($8.9 million) plus related interest. These amounts are recorded within other assets, net in the condensed consolidated balance sheets.

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Narrative) (Details)	9 Months Ended
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Narrative) (Details)	Oct. 31, 2023 segment
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Number of reportable segments	2

Net Income per Common Share (Tables)

9 Months Ended

Oct. 31, 2023

Net Income per Common Share

Schedule of reconciliation between basic and diluted net income per share

The following table reconciles the numerators and denominators used in the calculation of basic and diluted net income per share:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022

	(In thousands, except share and per share amounts)
Net income attributable to G-III Apparel Group, Ltd.	$	127,640	$	61,103	$	147,314	$	128,056
Basic net income per share:
Basic common shares		45,723		47,488		45,904		47,832
Basic net income per share	$	2.79	$	1.29	$	3.21	$	2.68

Diluted net income per share:
Basic common shares		45,723		47,488		45,904		47,832
Dilutive restricted stock unit awards and stock options		837		987		1,088		1,034
Diluted common shares		46,560		48,475		46,992		48,866
Diluted net income per share	$	2.74	$	1.26	$	3.13	$	2.62

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Jan. 31, 2023
Segment Reporting Information [Line Items]
Beginning balance	$ (18,297)	$ (17,391)	$ (17,391)
Provision for credit losses	(118)	(917)	(978)
Accounts written off as uncollectible	3	50	72
Ending balance	(18,412)	(18,258)	(18,297)
Wholesale operations
Segment Reporting Information [Line Items]
Beginning balance	(18,237)	(17,307)	(17,307)
Provision for credit losses	(115)	(935)	(1,002)
Accounts written off as uncollectible	3	50	72
Ending balance	(18,349)	(18,192)	(18,237)
Retail
Segment Reporting Information [Line Items]
Beginning balance	(60)	(84)	(84)
Provision for credit losses	(3)	18	24
Ending balance	$ (63)	$ (66)	$ (60)

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 18,412	$ 18,297	$ 18,258
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	120,000,000	120,000,000	120,000,000
Common stock, shares issued	49,396,000	49,396,000	49,396,000
Treasury stock, shares	3,670,000	2,680,000	1,907,000

LEASES (Tables)

9 Months Ended

Oct. 31, 2023

LEASES [Abstract]

Schedule of lease assets and liabilities

The Company’s operating lease assets and liabilities as of October 31, 2023, October 31, 2022 and January 31, 2023 consist of the following:



Leases	Classification	October 31, 2023		October 31, 2022		January 31, 2023

		(In thousands)
Assets
Operating	Operating lease assets	$	221,474	$	216,663	$	239,665

Liabilities
Current operating	Current operating lease liabilities	$	55,897	$	50,645	$	52,917
Noncurrent operating	Noncurrent operating lease liabilities		183,522		185,171		204,974
Total lease liabilities		$	239,419	$	235,816	$	257,891

Schedule of maturity of operating lease liabilities

As of October 31, 2023, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2028 and thereafter are as follows:


Year Ending January 31,	Amount
	(In thousands)
2024	$	17,459
2025		72,772
2026		59,813
2027		46,756
2028		37,635
After 2028		60,142
Total lease payments	$	294,577
Less: Interest		55,158
Present value of lease liabilities	$	239,419

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022
Level 1 \| Secured notes
Debt Instrument [Line Items]
Debt instruments, carrying value	$ 400,000	$ 400,000	$ 400,000
Debt instruments, fair value	396,340	380,000	379,000
Level 2 \| Revolving credit facility
Debt Instrument [Line Items]
Debt instruments, carrying value		80,087	340,235
Debt instruments, fair value		80,087	340,235
Level 2 \| Unsecured Loan
Debt Instrument [Line Items]
Debt instruments, carrying value	9,097	10,866	10,446
Debt instruments, fair value	9,097	10,866	10,446
Level 2 \| Overdraft facilities
Debt Instrument [Line Items]
Debt instruments, carrying value	1,872	3,657	3,664
Debt instruments, fair value	1,872	3,657	3,664
Level 2 \| Foreign credit facility
Debt Instrument [Line Items]
Debt instruments, carrying value	4,161	7,792	10,416
Debt instruments, fair value	4,161	7,792	10,416
Level 3 \| LVMH Note
Debt Instrument [Line Items]
Debt instruments, carrying value	49,787	121,202	119,415
Debt instruments, fair value	$ 49,350	$ 119,426	$ 118,173

EMPLOYMENT AGREEMENTS

9 Months Ended

Oct. 31, 2023

EMPLOYMENT AGREEMENTS [Abstract]

EMPLOYMENT AGREEMENTS

NOTE 15 – EMPLOYMENT AGREEMENTS

On August 9, 2023, the Company entered into a new employment agreement with Morris Goldfarb, its Chairman and Chief Executive Officer. The employment agreement included provisions, among others, that (i) changed the structure of Mr. Goldfarb’s annual cash incentive that are designed to align with current market practice and reduce the size of the annual cash incentive, (ii) changed the mix of annual cash compensation and annual equity grants in a manner that increases the weighting of equity compared to cash and encourages long-term performance and shareholder value creation, and (iii) in recognition of the significant reduction in the annual cash incentive agreed to by Mr. Goldfarb, provide for a grant of 700,000 performance share units (PSUs) that may be earned over three years if certain stock price and relative total shareholder return targets are achieved.

On August 29, 2023, the Company entered into a new employment agreement with Sammy Aaron, its Vice Chairman and President. The employment agreement included provisions, among others, that (i) changed to the structure of Mr. Aaron’s annual cash incentive that are designed to align with current market practice and to reduce the size of the annual cash incentive, (ii) changed the mix of annual cash compensation and annual equity grants in a manner that increases the weighting of equity compared to cash and encourages long-term performance and shareholder value creation and (iii) in recognition of the significant reduction in the annual cash incentive agreed to by Mr. Aaron, provides for a special bonus of $2,000,000 that was paid shortly after the new employment agreement was entered into and a retention bonus of $1,000,000 payable if, as of January 31, 2025, the Company has not terminated the employment agreement for “cause” or he has not terminated the employment agreement without “cause” or without “Good Reason” (each of the terms as defined in the employment agreement).

KARL LAGERFELD ACQUISITION (Fair Value of Assets Acquired) (Details) - USD ($) $ in Thousands	Oct. 31, 2022	May 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 303,668
Karl Lagerfeld Holding B.V. [Member]
Business Acquisition [Line Items]
Cash and cash equivalents		$ 38,499
Accounts receivable		28,449
Inventories		33,489
Prepaid income taxes		1,100
Prepaid expenses and other current assets		3,347
Property, plant and equipment		11,545
Operating lease assets		55,753
Goodwill		84,336
Deferred income taxes		5,131
Other long-term assets		2,237
Total assets acquired		447,003
Notes payable		3,606
Accounts payable		9,175
Accrued Expense		15,261
Operating lease liabilities		58,942
Income taxes payable		2,099
Deferred income taxes.		42,222
Other long-term liabilities		5,233
Total liabilities assumed		136,538
Total fair value of acquisition consideration		310,465
Karl Lagerfeld Holding B.V. [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets		178,823
Karl Lagerfeld Holding B.V. [Member] \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets		$ 4,294

KARL LAGERFELD ACQUISITION (Tables)

9 Months Ended

Oct. 31, 2023

KARL LAGERFELD ACQUISITION [Abstract]

Schedule of total consideration paid for acquisition

The initial purchase price and the valuation of the prior minority ownership for the acquisition of KLH is as follows (in thousands):


Cash disbursed for the acquisition of KLH	$	168,592
Plus: cash acquired		38,499
Plus: aggregate adjustments to purchase price		516
Initial purchase price		207,607
Plus: fair value of prior minority ownership		102,858
Total consideration	$	310,465

Schedule of fair values of assets acquired and liabilities

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition:


(In thousands)
Cash and cash equivalents	$	38,499
Accounts receivable, net		28,449
Inventories		33,489
Prepaid income taxes		1,100
Prepaid expenses and other current assets		3,347
Property, plant and equipment, net		11,545
Operating lease assets		55,753
Goodwill		84,336
Trademarks		178,823
Customer relationships		4,294
Deferred income taxes		5,131
Other long-term assets		2,237
Total assets acquired	$	447,003
Notes payable		3,606
Accounts payable		9,175
Accrued expenses		15,261
Operating lease liabilities		58,942
Income taxes payable		2,099
Deferred income taxes		42,222
Other long-term liabilities		5,233
Total liabilities assumed	$	136,538
Total fair value of acquisition consideration	$	310,465

Schedule of identifiable intangible assets

REVENUE RECOGNITION

9 Months Ended

Oct. 31, 2023

REVENUE RECOGNITION [Abstract]

REVENUE RECOGNITION

NOTE 9 – REVENUE RECOGNITION

Disaggregation of Revenue

In accordance with ASC 606 – Revenue from Contracts with Customers, the Company discloses its revenues by segment. Each segment presents its own characteristics with respect to the timing of revenue recognition and the type of customer. In addition, disaggregating revenues using a segment basis is consistent with how the Company’s Chief Operating Decision Maker manages the Company. The Company has identified the wholesale operations segment and the retail operations segment as distinct sources of revenue.

Wholesale Operations Segment. Wholesale revenues include sales of products to retailers under owned, licensed and private label brands, as well as sales related to the Vilebrequin and Karl Lagerfeld businesses, including from retail stores operated by Vilebrequin and Karl Lagerfeld, other than sales of product under the Karl Lagerfeld Paris brand generated by the Company’s retail stores and digital outlets. Wholesale revenues from sales of products are recognized when control transfers to the customer. The Company considers control to have been transferred when the Company has transferred physical possession of the product, the Company has a right to payment for the product, the customer has legal title to the product and the customer has the significant risks and rewards of the product. Wholesale revenues are adjusted by variable consideration arising from implicit or explicit obligations. Wholesale revenues also include revenues from license agreements related to the DKNY, Donna Karan, Karl Lagerfeld, G.H. Bass, Andrew Marc, Vilebrequin and Sonia Rykiel trademarks owned by the Company.

Retail Operations Segment. Retail store revenues are generated by direct sales to consumers through Company-operated stores and product sales through the Company’s digital channels for the DKNY, Donna Karan, Karl Lagerfeld Paris, G.H. Bass and Wilsons Leather businesses. Retail stores primarily consist of DKNY and Karl Lagerfeld Paris retail stores, substantially all of which are operated as outlet stores. Retail operations segment revenues are recognized at the point of sale when the customer takes possession of the goods and tenders payment. Digital revenues primarily consist of sales to consumers through the Company’s digital platforms. Digital revenue is recognized when a customer takes possession of the goods. Retail sales are recorded net of applicable sales tax.

Contract Liabilities

The Company’s contract liabilities, which are recorded within accrued expenses in the accompanying condensed consolidated balance sheets, primarily consist of gift card liabilities and advance payments from licensees. In some of its retail concepts, the Company also offers a limited loyalty program where customers accumulate points redeemable for cash discount certificates that expire 90 days after issuance. Total contract liabilities were $3.3 million, $3.3 million and $5.1 million at October 31, 2023, October 31, 2022 and January 31, 2023, respectively. The Company recognized $3.1 million in revenue for the three months ended October 31, 2023 related to contract liabilities that existed at July 31, 2023. The Company recognized $4.3 million in revenue for the nine months ended October 31, 2023 related to contract liabilities that existed at January 31, 2023. There were no contract assets recorded as of October 31, 2023, October 31, 2022 and January 31, 2023. Substantially all of the advance payments from licensees as of October 31, 2023 are expected to be recognized as revenue within the next twelve months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

RELATED PARTY TRANSACTIONS

9 Months Ended

Oct. 31, 2023

RELATED PARTY TRANSACTIONS

NOTE 14 – RELATED PARTY TRANSACTION

In June 2023, the Company entered into a stock sale and purchase agreement (the “Agreement”) with Sammy Aaron, the Company’s Vice Chairman and President and a Director of the Company. Pursuant to the Agreement, the Company purchased from Mr. Aaron 208,943 shares of its common stock for $4.1 million at a price equal to the closing price of the Company’s shares on the date of the Agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

KARL LAGERFELD ACQUISITION (Intangible Assets Acquired) (Details) - Karl Lagerfeld Holding B.V. [Member] - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2023	Jan. 31, 2023
Business Acquisition [Line Items]
Fair value	$ 183,117
Weighted average amortization period	0 years
Transaction cost		$ 5,600
Trade Names [Member]
Business Acquisition [Line Items]
Fair value	$ 178,823
Weighted average amortization period	0 years
Customer Relationships
Business Acquisition [Line Items]
Fair value	$ 4,294
Weighted average amortization period	8 years

Fair Value of Financial Instruments

9 Months Ended

Oct. 31, 2023

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

NOTE 4 – FAIR VALUE OF FINANCIAL INSTRUMENTS

Generally Accepted Accounting Principles establish a three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy for a particular asset or liability depends on the inputs used in its valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally-derived (unobservable). A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

●

Level 1 — inputs to the valuation methodology based on quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 — inputs to the valuation methodology based on quoted prices for similar assets or liabilities in active markets for substantially the full term of the financial instrument; quoted prices for identical or similar instruments in markets that are not active for substantially the full term of the financial instrument; and model-derived valuations whose inputs or significant value drivers are observable.

●

Level 3 — inputs to the valuation methodology based on unobservable prices or valuation techniques that are significant to the fair value measurement.

The following table summarizes the carrying values and the estimated fair values of the Company’s debt instruments:


		Carrying Value						Fair Value
		October 31,		October 31,		January 31,		October 31,		October 31,		January 31,
Financial Instrument	Level	2023		2022		2023		2023		2022		2023

		(In thousands)
Secured Notes	1	$	400,000	$	400,000	$	400,000	$	396,340	$	379,000	$	380,000
Revolving credit facility	2		—		340,235		80,087		—		340,235		80,087
Note issued to LVMH	3		49,787		119,415		121,202		49,350		118,173		119,426
Unsecured loans	2		9,097		10,446		10,866		9,097		10,446		10,866
Overdraft facilities	2		1,872		3,664		3,657		1,872		3,664		3,657
Foreign credit facility	2		4,161		10,416		7,792		4,161		10,416		7,792

The Company’s debt instruments are recorded at their carrying values in its condensed consolidated balance sheets, which may differ from their respective fair values. The fair value of the Company’s secured notes is based on their current market price as of October 31, 2023. The carrying amount of the Company’s variable rate debt approximates the fair value, as interest rates change with market rates. Furthermore, the carrying value of all other financial instruments potentially subject to valuation risk (principally consisting of cash, accounts receivable and accounts payable) also approximates fair value due to the short-term nature of these accounts.

The 2% note in the original principal amount of $125 million (the “LVMH Note”) issued to LVMH Moet Hennessy Louis Vuitton Inc. (“LVMH”) in connection with the acquisition of DKNY and Donna Karan was recorded on the balance sheet at a discount of $40.0 million in accordance with ASC 820 – Fair Value Measurements (“ASC 820”). For purposes of this fair value disclosure, the Company based its fair value estimate for the LVMH Note on the initial fair value as determined at the date of the acquisition of DKNY and Donna Karan and records the amortization using the effective interest method over the term of the LVMH Note. The Company repaid $75.0 million of the principal amount of the LVMH Note on June 1, 2023 and the remaining $50.0 million of such principal amount on December 1, 2023.

The fair value of the LVMH Note was considered a Level 3 valuation in the fair value hierarchy.

Non-Financial Assets and Liabilities

The Company’s non-financial assets that are measured at fair value on a nonrecurring basis include long-lived assets, which consist primarily of property and equipment and operating lease assets. The Company reviews these assets for impairment whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable. For assets that are not recoverable, an impairment loss is recognized equal to the difference between the carrying amount of the asset or asset group and its estimated fair value. For operating lease assets, the Company determines the fair value of the assets by discounting the estimated market rental rates over the remaining term of the lease. These fair value measurements are considered level 3 measurements in the fair value hierarchy. During fiscal 2023, the Company recorded a $2.7 million impairment charge related to leasehold improvements, furniture and fixtures and operating lease assets at certain DKNY, Karl Lagerfeld Paris and Vilebrequin stores as a result of the performance of these stores.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LEASES - Lease assets and liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 221,474	$ 239,665	$ 216,663
Classification of operating lease assets	Operating lease assets
Current operating lease liabilities	$ 55,897	52,917	50,645
Classification current operating lease liabilities	Current operating lease liabilities
Noncurrent operating lease liabilities	$ 183,522	204,974	185,171
Classification of noncurrent operating liabilities	Noncurrent operating lease liabilities
Total lease liabilities	$ 239,419	$ 257,891	$ 235,816

STOCKHOLDERS' EQUITY - Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Stockholders Equity [Line Items]
Common stock, shares issued	0	0	0	0
Treasury stock, shares utilized of equity awards	4,354	2,366	608,325	385,485
Aggregate purchase price			$ 26,100	$ 16,622

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 31, 2023	Dec. 04, 2023
Document And Entity Information Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2023
Document Transition Report	false
Entity File Number	0-18183
Entity Registrant Name	G III APPAREL GROUP LTD /DE/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1590959
Entity Address, Address Line One	512 Seventh Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	403-0500
Title of 12(b) Security	Common Stock
Trading Symbol	GIII
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		45,727,662
Entity Central Index Key	0000821002
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

SEGMENTS (Tables)

9 Months Ended

Oct. 31, 2023

SEGMENTS [Abstract]

Schedule of information regarding reportable segments

The following segment information is presented for the three and nine month periods indicated below:


	Three Months Ended October 31, 2023
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,054,303	$	32,711	$	(19,904)	$	1,067,110
Cost of goods sold		636,961		16,640		(19,904)		633,697
Gross profit		417,342		16,071		—		433,413
Selling, general and administrative expenses		213,263		23,045		—		236,308
Depreciation and amortization		5,475		1,120		—		6,595
Asset impairments and gain on lease terminations		222		—		—		222
Operating profit (loss)	$	198,382	$	(8,094)	$	—	$	190,288


	Three Months Ended October 31, 2022
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,069,574	$	28,762	$	(20,037)	$	1,078,299
Cost of goods sold		740,734		12,975		(20,037)		733,672
Gross profit		328,840		15,787		—		344,627
Selling, general and administrative expenses		216,916		22,977		—		239,893
Depreciation and amortization		6,224		1,046		—		7,270
Asset impairment, net of gain on lease terminations		250		—		—		250
Operating profit (loss)	$	105,450	$	(8,236)	$	—	$	97,214


	Nine Months Ended October 31, 2023
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	2,280,391	$	97,268	$	(44,199)	$	2,333,460
Cost of goods sold		1,369,315		48,478		(44,199)		1,373,594
Gross profit		911,076		48,790		—		959,866
Selling, general and administrative expenses		633,841		69,635		—		703,476
Depreciation and amortization		16,247		2,883		—		19,130
Asset impairment, net of gain on lease terminations		222		—		—		222
Operating profit (loss)	$	260,766	$	(23,728)	$	—	$	237,038


	Nine Months Ended October 31, 2022
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	2,338,435	$	87,758	$	(53,893)	$	2,372,300
Cost of goods sold		1,564,595		42,006		(53,893)		1,552,708
Gross profit		773,840		45,752		—		819,592
Selling, general and administrative expenses		548,411		67,940		—		616,351
Depreciation and amortization		17,304		2,717		—		20,021
Asset impairment, net of gain on lease terminations		250		(38)		—		212
Operating profit (loss)	$	207,875	$	(24,867)	$	—	$	183,008

(1)Represents intersegment sales to the Company’s retail operations segment.

Schedule of total net sales for each reportable segments

The total net sales by licensed and proprietary product sales for each of the Company’s reportable segments are as follows:


	Three Months Ended				Nine Months Ended
	October 31, 2023		October 31, 2022		October 31, 2023		October 31, 2022

	(In thousands)
Licensed brands	$	625,231	$	669,408	$	1,261,894	$	1,403,142
Proprietary brands		429,072		400,166		1,018,497		935,293
Wholesale net sales⁽¹⁾	$	1,054,303	$	1,069,574	$	2,280,391	$	2,338,435

Licensed brands	$	—	$	—	$	—	$	—
Proprietary brands		32,711		28,762		97,268		87,758
Retail net sales	$	32,711	$	28,762	$	97,268	$	87,758

(1)

LEASES - Lease cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
LEASES - Lease cost (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Selling, general and administrative expenses
Lease, Cost [Abstract]
Lease costs	$ 18.1	$ 17.1	$ 55.1	$ 46.1

Recent Adopted and Issued Accounting Pronouncements

9 Months Ended

Oct. 31, 2023

Recent Adopted and Issued Accounting Pronouncements [Abstract]

Recent Adopted and Issued Accounting Pronouncements

NOTE 13 – RECENT ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Guidance

There was no accounting guidance adopted during the three months ended October 31, 2023.

Issued Accounting Guidance Being Evaluated for Adoption

The Company has reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)

9 Months Ended

Oct. 31, 2023

ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2023, October 31, 2022 and January 31, 2023 were:


	October 31, 2023
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	880,827	$	806	$	881,633
Allowance for doubtful accounts		(18,349)		(63)		(18,412)
Accounts receivable, net	$	862,478	$	743	$	863,221

	October 31, 2022
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	898,383	$	1,010	$	899,393
Allowance for doubtful accounts		(18,192)		(66)		(18,258)
Accounts receivable, net	$	880,191	$	944	$	881,135

	January 31, 2023
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	692,033	$	1,227	$	693,260
Allowance for doubtful accounts		(18,237)		(60)		(18,297)
Accounts receivable, net	$	673,796	$	1,167	$	674,963

Activity in Allowance for Credit Losses

The Company had the following activity in its allowance for credit losses:


	Wholesale		Retail		Total

	(In thousands)
Balance as of January 31, 2023	$	(18,237)	$	(60)	$	(18,297)
Provision for credit losses, net		(115)		(3)		(118)
Accounts written off as uncollectible		3		—		3
Balance as of October 31, 2023	$	(18,349)	$	(63)	$	(18,412)

Balance as of January 31, 2022	$	(17,307)	$	(84)	$	(17,391)
Provision for credit losses, net		(935)		18		(917)
Accounts written off as uncollectible		50		—		50
Balance as of October 31, 2022	$	(18,192)	$	(66)	$	(18,258)

Balance as of January 31, 2022	$	(17,307)	$	(84)	$	(17,391)
Provision for credit losses, net		(1,002)		24		(978)
Accounts written off as uncollectible		72		—		72
Balance as of January 31, 2023	$	(18,237)	$	(60)	$	(18,297)

LEASES - Other information (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
LEASES [Abstract]
Operating lease, lease not yet commenced, description	As of October 31, 2023, there are no material leases that are legally binding but have not yet commenced.
Weighted average remaining lease term	5 years
Weighted average discount rate	8.50%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 53.2	$ 47.6
Right-of-use assets obtained in exchange for lease obligations	$ 26.8	$ 96.7

NOTES PAYABLE - Second Amended and Restated ABL Credit Agreement (Details) - USD ($) $ in Thousands		6 Months Ended	9 Months Ended
	Aug. 07, 2020	Oct. 31, 2023	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Aug. 06, 2020
Debt Instrument [Line Items]
Outstanding amount		$ 402,846	$ 402,846	$ 483,840	$ 787,892
Secured Overnight Financing Rate SOFR Overnight Index Swap Rate One-Month Interest Period [Member]
Debt Instrument [Line Items]
Spread interest rate		1.00%
Second amended and restated credit agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument commitment fee percentage			0.50%
Second amended and restated credit agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument commitment fee percentage			0.35%
Second amended and restated credit agreement \| Prime rate
Debt Instrument [Line Items]
Spread interest rate		0.50%
Second amended and restated credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Spread interest rate		0.10%
Senior secured credit facility
Debt Instrument [Line Items]
Debt issuance costs	$ 8,000
Senior secured credit facility \| LIBOR One-Month Interest Period [Member]
Debt Instrument [Line Items]
Spread interest rate	1.00%
Senior secured credit facility \| Federal funds rate
Debt Instrument [Line Items]
Spread interest rate	0.50%
Senior secured credit facility \| Second amended and restated credit agreement
Debt Instrument [Line Items]
Term of credit agreement	5 years
Fixed charge coverage ratio		1.00%	1.00%
Credit covenant compliance			As of October 31, 2023, the Company was in compliance with these covenants.
Debt issuance costs	$ 5,100
Senior secured credit facility \| Second amended and restated credit agreement \| LIBOR [Member] \| Maximum
Debt Instrument [Line Items]
Spread interest rate	2.25%
Senior secured credit facility \| Second amended and restated credit agreement \| LIBOR [Member] \| Minimum
Debt Instrument [Line Items]
Spread interest rate	1.75%
Senior secured credit facility \| Second amended and restated credit agreement \| Base rate \| Maximum
Debt Instrument [Line Items]
Spread interest rate	1.25%
Senior secured credit facility \| Second amended and restated credit agreement \| Base rate \| Minimum
Debt Instrument [Line Items]
Spread interest rate	0.75%
Term Loan \| Senior secured credit facility
Debt Instrument [Line Items]
Senior secured credit facility						$ 650,000
Term Loan \| Senior secured credit facility \| Second amended and restated credit agreement
Debt Instrument [Line Items]
Senior secured credit facility	$ 650,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Net sales	$ 1,067,110	$ 1,078,299	$ 2,333,460	$ 2,372,300
Cost of goods sold	633,697	733,672	1,373,594	1,552,708
Gross profit	433,413	344,627	959,866	819,592
Selling, general and administrative expenses	236,308	239,893	703,476	616,351
Depreciation and amortization	6,595	7,270	19,130	20,021
Asset impairments and gain on lease terminations	222	250	222	212
Operating profit (loss)	190,288	97,214	237,038	183,008
Other income	(3,129)	(2,795)	(1,964)	24,823
Interest and financing charges, net	(11,024)	(16,052)	(32,666)	(40,805)
Income (loss) before income taxes	176,135	78,367	202,408	167,026
Income tax expense (benefit)	48,755	17,521	55,651	39,489
Net income (loss)	127,380	60,846	146,757	127,537
Less: Loss attributable to noncontrolling interests	(260)	(257)	(557)	(519)
Net income (loss) attributable to G-III Apparel Group, Ltd.	$ 127,640	$ 61,103	$ 147,314	$ 128,056
Basic:
Net income (loss) per common share	$ 2.79	$ 1.29	$ 3.21	$ 2.68
Weighted average number of shares outstanding (in shares)	45,723	47,488	45,904	47,832
Diluted:
Net income (loss) per common share	$ 2.74	$ 1.26	$ 3.13	$ 2.62
Weighted average number of shares outstanding (in shares)	46,560	48,475	46,992	48,866
Other comprehensive loss:
Foreign currency translation adjustments	$ (11,391)	$ (26,473)	$ (4,317)	$ (28,111)
Other comprehensive loss	(11,391)	(26,473)	(4,317)	(28,111)
Comprehensive income (loss)	115,989	34,373	142,440	99,426
Comprehensive loss attributable to noncontrolling interests:
Net loss	(260)	(257)	(557)	(519)
Foreign currency translation adjustments	(1)	(45)	(25)	(104)
Comprehensive loss attributable to noncontrolling interests	(261)	(302)	(582)	(623)
Comprehensive income (loss) attributable to G-III Apparel Group, Ltd.	$ 115,728	$ 34,071	$ 141,858	$ 98,803