0001558370-24-012652 | 10-Q | XBRL Viewer | G III Apparel Group LTD DE

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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		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
NET INCOME PER COMMON SHARE
Net income attributable to G-III Apparel Group, Ltd.	$ 24,212	$ 16,438	$ 30,014	$ 19,674
Basic net income per share:
Basic common shares	44,569	45,714	45,022	45,996
Basic net income per share (in dollars per share)	$ 0.54	$ 0.36	$ 0.67	$ 0.43
Diluted net income per share:
Basic common shares	44,569	45,714	45,022	45,996
Dilutive restricted stock unit awards and stock options	914	856	1,083	996
Diluted common shares	45,483	46,570	46,105	46,992
Diluted net income per share (in dollars per share)	$ 0.53	$ 0.35	$ 0.65	$ 0.42

- 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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- 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

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)

6 Months Ended

Jul. 31, 2024

ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s accounts receivable and allowance for doubtful accounts as of July 31, 2024, July 31, 2023 and January 31, 2024 were:


	July 31, 2024
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	477,042	$	1,683	$	478,725
Allowance for doubtful accounts		(1,197)		(63)		(1,260)
Accounts receivable, net	$	475,845	$	1,620	$	477,465

	July 31, 2023
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	536,711	$	1,141	$	537,852
Allowance for doubtful accounts		(18,428)		(63)		(18,491)
Accounts receivable, net	$	518,283	$	1,078	$	519,361

	January 31, 2024
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	563,130	$	704	$	563,834
Allowance for doubtful accounts		(1,408)		(63)		(1,471)
Accounts receivable, net	$	561,722	$	641	$	562,363

Activity in Allowance for Credit Losses

The Company had the following activity in its allowance for doubtful accounts:


	Wholesale		Retail		Total

	(In thousands)
Balance as of January 31, 2024	$	(1,408)	$	(63)	$	(1,471)
Provision for credit losses, net		208		—		208
Accounts written off as uncollectible		3		—		3
Balance as of July 31, 2024	$	(1,197)	$	(63)	$	(1,260)

Balance as of January 31, 2023	$	(18,237)	$	(60)	$	(18,297)
Provision for credit losses, net		(192)		(3)		(195)
Accounts written off as uncollectible		1		—		1
Balance as of July 31, 2023	$	(18,428)	$	(63)	$	(18,491)

Balance as of January 31, 2023	$	(18,237)	$	(60)	$	(18,297)
Provision for credit losses, net		166		(3)		163
Accounts written off as uncollectible		16,663		—		16,663
Balance as of January 31, 2024	$	(1,408)	$	(63)	$	(1,471)

SEGMENTS

6 Months Ended

Jul. 31, 2024

SEGMENTS

SEGMENTS

NOTE 9 – 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 royalty 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 six month periods indicated below:


	Three Months Ended July 31, 2024
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	620,311	$	37,198	$	(12,754)	$	644,755
Cost of goods sold		364,658		16,977		(12,754)		368,881
Gross profit		255,653		20,221		—		275,874
Selling, general and administrative expenses		207,442		21,588		—		229,030
Depreciation and amortization		4,424		956		—		5,380
Operating profit (loss)	$	43,787	$	(2,323)	$	—	$	41,464


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

	(In thousands)
Net sales	$	639,184	$	34,341	$	(13,764)	$	659,761
Cost of goods sold		379,884		16,988		(13,764)		383,108
Gross profit		259,300		17,353		—		276,653
Selling, general and administrative expenses		216,489		22,718		—		239,207
Depreciation and amortization		5,027		932		—		5,959
Operating profit (loss)	$	37,784	$	(6,297)	$	—	$	31,487


	Six Months Ended July 31, 2024
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,218,075	$	67,727	$	(31,300)	$	1,254,502
Cost of goods sold		717,885		33,150		(31,300)		719,735
Gross profit		500,190		34,577		—		534,767
Selling, general and administrative expenses		423,017		42,634		—		465,651
Depreciation and amortization		11,438		2,710		—		14,148
Operating profit (loss)	$	65,735	$	(10,767)	$	—	$	54,968


	Six Months Ended July 31, 2023
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,226,086	$	64,558	$	(24,294)	$	1,266,350
Cost of goods sold		732,354		31,837		(24,294)		739,897
Gross profit		493,732		32,721		—		526,453
Selling, general and administrative expenses		420,578		46,590		—		467,168
Depreciation and amortization		10,772		1,763		—		12,535
Operating profit (loss)	$	62,382	$	(15,632)	$	—	$	46,750

(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				Six Months Ended
	July 31, 2024		July 31, 2023		July 31, 2024		July 31, 2023

	(In thousands)
Licensed brands	$	286,898	$	338,656	$	548,765	$	636,661
Proprietary brands		333,413		300,528		669,310		589,425
Wholesale net sales	$	620,311	$	639,184	$	1,218,075	$	1,226,086

Licensed brands	$	—	$	—	$	—	$	—
Proprietary brands		37,198		34,341		67,727		64,558
Retail net sales	$	37,198	$	34,341	$	67,727	$	64,558

- 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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

NOTES PAYABLE - Textuals (Details) $ in Thousands, € in Millions, SFr in Millions			1 Months Ended	6 Months Ended		48 Months Ended
	Dec. 01, 2023 USD ($)	Jun. 01, 2023 USD ($)	Aug. 31, 2020 USD ($)	Jul. 31, 2024 EUR (€)	Jul. 31, 2023 USD ($)	Jul. 31, 2024 USD ($)	Jul. 31, 2024 EUR (€)	Jul. 31, 2024 CHF (SFr)	Jan. 31, 2024 USD ($)	Aug. 07, 2020 USD ($)	Aug. 06, 2020 USD ($)
Debt Instrument [Line Items]
Repayment of principle amount					$ 75,000
Outstanding amount					403,304	$ 402,541			$ 402,807
Unamortized debt issuance costs											$ 1,900
Term Loan [Member]
Debt Instrument [Line Items]
Repayment of principle amount			$ 300,000
Long-term Debt
Debt Instrument [Line Items]
Debt discount					895
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.
Debt instrument interest rate						7.875%	7.875%	7.875%		7.875%
Frequency of periodic payment				semi-annually
Principal amount of debt										$ 400,000
Debt issuance costs						$ 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					$ 3,200	$ 5,400			$ 2,400
LVMH Note
Debt Instrument [Line Items]
Repayment of principle amount	$ 50,000	$ 75,000
Debt instrument interest rate						2.00%	2.00%	2.00%
Principal amount of debt						$ 125,000
Debt discount						40,000
LVMH Note \| Notes Payable Due On June 1 2023
Debt Instrument [Line Items]
Repayment of principle amount		$ 75,000
Maturity date				Jun. 01, 2023
LVMH Note \| Notes Payable due on December 1, 2023
Debt Instrument [Line Items]
Repayment of principle amount	$ 50,000
Maturity date				Dec. 01, 2023
Unsecured Loan
Debt Instrument [Line Items]
Outstanding amount						7,800	€ 7.2
Installment payments \| €				€ 0.6
Overdraft facility
Debt Instrument [Line Items]
Borrowings outstanding						7,900	7.4
Standby Letters of Credit
Debt Instrument [Line Items]
Borrowings outstanding						2,900
Foreign credit facility
Debt Instrument [Line Items]
Maximum borrowing amount \| €							15.0
Borrowings outstanding						0
Foreign credit facility \| Euro Interbank Offered Rate [Member]
Debt Instrument [Line Items]
Variable rate spread				1.70%
Trade
Debt Instrument [Line Items]
Borrowings outstanding						$ 6,300
HSBC Bank [Member] \| Overdraft facility
Debt Instrument [Line Items]
Maximum borrowing amount \| €							€ 10.0
HSBC Bank [Member] \| Overdraft facility \| Euro Interbank Offered Rate [Member]
Debt Instrument [Line Items]
Variable rate spread				1.75%
UBS Bank [Member] \| Overdraft facility
Debt Instrument [Line Items]
Borrowings outstanding \| SFr								SFr 4.7
Minimum \| Unsecured Loan
Debt Instrument [Line Items]
Fixed rate						0.00%	0.00%	0.00%
Minimum \| UBS Bank [Member] \| Overdraft facility
Debt Instrument [Line Items]
Debt instrument interest rate						0.00%	0.00%	0.00%
Maximum \| Unsecured Loan
Debt Instrument [Line Items]
Fixed rate						5.00%	5.00%	5.00%
Maximum \| UBS Bank [Member] \| Overdraft facility
Debt Instrument [Line Items]
Debt instrument interest rate						0.50%	0.50%	0.50%

NET INCOME PER COMMON SHARE

6 Months Ended

Jul. 31, 2024

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE

NOTE 6 – 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. A nominal amount of shares of common stock have been excluded from the diluted net income per share

calculation for the three and six months ended July 31, 2024. Approximately 106,000 and 312,500 shares of common stock have been excluded from the diluted net income per share calculation for the three and six months ended July 31, 2023. 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 July 31,				Six Months Ended July 31,
	2024		2023		2024		2023

	(In thousands, except share and per share amounts)
Net income attributable to G-III Apparel Group, Ltd.	$	24,212	$	16,438	$	30,014	$	19,674
Basic net income per share:
Basic common shares		44,569		45,714		45,022		45,996
Basic net income per share	$	0.54	$	0.36	$	0.67	$	0.43

Diluted net income per share:
Basic common shares		44,569		45,714		45,022		45,996
Dilutive restricted stock unit awards and stock options		914		856		1,083		996
Diluted common shares		45,483		46,570		46,105		46,992
Diluted net income per share	$	0.53	$	0.35	$	0.65	$	0.42

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Common Stock Held In Treasury	Total
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards vested, net		(15,993)			15,993
Share-based compensation expense		6,838				6,838
Taxes paid for net share settlements		(10,795)				(10,795)
Other comprehensive (loss) income, net			7,050			7,050
Repurchases of common stock					(26,100)	(26,100)
Net income attributable to G-III Apparel Group, Ltd.				19,674		19,674
Balance at end of period, treasury at Jul. 31, 2023					(65,926)	(65,926)
Balance at end of period at Jul. 31, 2023	264	448,762	(4,603)	1,003,618		1,382,115
Balance at beginning of period at Apr. 30, 2023	264	472,474	(6,936)	987,180		1,380,447
Balance at beginning of period, treasury at Apr. 30, 2023					(72,535)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards vested, net		(15,940)			15,940
Share-based compensation expense		3,001				3,001
Taxes paid for net share settlements		(10,773)				(10,773)
Other comprehensive (loss) income, net			2,333			2,333
Repurchases of common stock					(9,331)	(9,331)
Net income attributable to G-III Apparel Group, Ltd.				16,438		16,438
Balance at end of period, treasury at Jul. 31, 2023					(65,926)	(65,926)
Balance at end of period at Jul. 31, 2023	264	448,762	(4,603)	1,003,618		1,382,115
Balance at beginning of period at Jan. 31, 2024	264	458,841	(3,207)	1,160,112		1,550,260
Balance at beginning of period, treasury at Jan. 31, 2024					(65,750)	(65,750)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards vested, net		(9,668)			9,668
Share-based compensation expense		12,108				12,108
Taxes paid for net share settlements		(7,534)				(7,534)
Other comprehensive (loss) income, net			(8,862)			(8,862)
Repurchases of common stock					(59,973)	(59,973)
Excise tax on stock repurchases					(636)	(636)
Reduction of noncontrolling interest		(2,742)				(2,742)
Net income attributable to G-III Apparel Group, Ltd.				30,014		30,014
Balance at end of period, treasury at Jul. 31, 2024					(116,691)	(116,691)
Balance at end of period at Jul. 31, 2024	264	451,005	(12,069)	1,190,126		1,512,635
Balance at beginning of period at Apr. 30, 2024	264	450,844	(10,090)	1,165,914		1,519,875
Balance at beginning of period, treasury at Apr. 30, 2024					(87,057)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards vested, net		(2,625)			2,625
Share-based compensation expense		5,528				5,528
Other comprehensive (loss) income, net			(1,979)			(1,979)
Repurchases of common stock					(31,623)	(31,623)
Excise tax on stock repurchases					(636)	(636)
Reduction of noncontrolling interest		(2,742)				(2,742)
Net income attributable to G-III Apparel Group, Ltd.				24,212		24,212
Balance at end of period, treasury at Jul. 31, 2024					$ (116,691)	(116,691)
Balance at end of period at Jul. 31, 2024	$ 264	$ 451,005	$ (12,069)	$ 1,190,126		$ 1,512,635

NET INCOME PER COMMON SHARE - Textuals (Details) - shares	3 Months Ended	6 Months Ended
	Jul. 31, 2023	Jul. 31, 2023
NET INCOME PER COMMON SHARE
Common stock excluded from the diluted net income per share calculation	106,000	312,500

RECENT ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jul. 31, 2024

RECENT ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS

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 July 31, 2024.

Issued Accounting Guidance Being Evaluated for Adoption

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The ASU expands the scope and frequency of segment disclosures and introduces the concept of a “significant expense principle,” which requires entities to disclose significant expense categories and amounts that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure of a segment’s profit or loss. The ASU also changes current disclosure requirements by allowing entities to report multiple measures of a segment’s profit or loss, provided the reported measures are used by the CODM to assess performance and allocate resources and that the measure closest to GAAP is also provided. Finally, the ASU requires all segment profit or loss and assets disclosures to be provided on both an annual and interim basis and requires entities to disclose the title and position of the individual identified as the CODM. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and shall be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the standard and determining the extent of additional interim and annual segment disclosures that may be required.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The ASU requires public companies to disclose, on an annual basis, a tabular reconciliation of the effective tax rate to the statutory rate for federal, state and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. In addition, the ASU requires public companies to disclose their income tax payments (net of refunds received), disaggregated between federal, state/local and foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the standard and determining the extent of additional disclosures that may be required.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FABCO

6 Months Ended

Jul. 31, 2024

FABCO

FABCO

NOTE 11 – FABCO

On April 17, 2024, the Company acquired from Amlon Capital B.V. (“Amlon”) the remaining 25% interest in Fabco that it did not previously own for $0.2 million. Additionally, at the date of the transaction, there were $1.2 million of payables due from Fabco to Amlon. As settlement of a portion of the outstanding payables, the Company issued a non-interest bearing promissory note to Amlon in the principal amount of $0.6 million of which $0.4 million of the principal amount is due and payable on April 17, 2025 and $0.2 million of the principal amount is due and payable on April 17, 2026. The promissory note is classified in notes payable in the Company’s condensed consolidated balance sheet as of July 31, 2024. The remaining $0.6 million of payables due to Amlon was forgiven, resulting in the Company recognizing a gain of $0.6 million within other (loss) income in the Company’s condensed consolidated statements of income and comprehensive income.

Since the Company controlled Fabco prior to this transaction and continues to control Fabco after the transaction, the Company accounted for the change in its ownership interest in Fabco as an equity transaction, which was reflected as a reduction of the noncontrolling interest with a corresponding decrease to additional paid in capital as a result of losses incurred by Fabco. No gain or loss was recognized in the Company’s condensed consolidated statements of income and comprehensive income as a result of this transaction.

AWWG INVESTMENT (Details) $ in Thousands, € in Millions	1 Months Ended				6 Months Ended
AWWG INVESTMENT (Details) $ in Thousands, € in Millions	Jul. 31, 2024 USD ($)	Jul. 31, 2024 EUR (€)	May 31, 2024 USD ($)	May 31, 2024 EUR (€)	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Percentage of additional interest acquired	6.60%	6.60%			6.60%
Percentage of equity method investment	18.70%	18.70%			18.70%
Payments to acquire investments	$ 29,100	€ 27.1			$ 84,366	$ 3,600
AWWG Investments B.V.
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments			$ 53,600	€ 50.0
AWWG Investments B.V. \| AWWG
Schedule of Equity Method Investments [Line Items]
Percentage of equity method investment			12.10%	12.10%

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Jul. 31, 2023	Aug. 07, 2020
Subsequent Event [Line Items]
Repayment of debt		$ 75,000
Secured notes
Subsequent Event [Line Items]
Principal amount of debt			$ 400,000
Subsequent Event \| Secured notes
Subsequent Event [Line Items]
Repayment of debt	$ 400,700
Principal amount of debt	$ 400,000
Redemption percentage of principal amount redeemed	100.00%

LEASES - Lease cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
LEASES - Lease cost (Details) - USD ($) $ in Millions	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Selling, general and administrative expenses
Lease, Cost [Abstract]
Lease costs	$ 18.0	$ 18.3	$ 36.2	$ 36.9

SEGMENTS - Information Regarding Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 644,755	$ 659,761	$ 1,254,502	$ 1,266,350
Cost of goods sold	368,881	383,108	719,735	739,897
Gross profit	275,874	276,653	534,767	526,453
Selling, general and administrative expenses	229,030	239,207	465,651	467,168
Depreciation and amortization	5,380	5,959	14,148	12,535
Operating profit (loss)	41,464	31,487	54,968	46,750
Operating Segments \| Wholesale
Segment Reporting Information [Line Items]
Net sales	620,311	639,184	1,218,075	1,226,086
Cost of goods sold	364,658	379,884	717,885	732,354
Gross profit	255,653	259,300	500,190	493,732
Selling, general and administrative expenses	207,442	216,489	423,017	420,578
Depreciation and amortization	4,424	5,027	11,438	10,772
Operating profit (loss)	43,787	37,784	65,735	62,382
Operating Segments \| Retail
Segment Reporting Information [Line Items]
Net sales	37,198	34,341	67,727	64,558
Cost of goods sold	16,977	16,988	33,150	31,837
Gross profit	20,221	17,353	34,577	32,721
Selling, general and administrative expenses	21,588	22,718	42,634	46,590
Depreciation and amortization	956	932	2,710	1,763
Operating profit (loss)	(2,323)	(6,297)	(10,767)	(15,632)
Elimination
Segment Reporting Information [Line Items]
Net sales	(12,754)	(13,764)	(31,300)	(24,294)
Cost of goods sold	$ (12,754)	$ (13,764)	$ (31,300)	$ (24,294)

BASIS OF PRESENTATION - Textuals (Details)	Apr. 17, 2024	Jul. 31, 2023
Fabco Holding B.V.
BASIS OF PRESENTATION
Ownership percent		75.00%
Fabco
BASIS OF PRESENTATION
Remaining percentage of interest	25.00%
Fabco \| Fabco Holding B.V.
BASIS OF PRESENTATION
Remaining percentage of interest	25.00%

STOCKHOLDERS' EQUITY - Textuals (Details) - shares	3 Months Ended		6 Months Ended
STOCKHOLDERS' EQUITY - Textuals (Details) - shares	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
STOCKHOLDERS' EQUITY [Abstract]
Common stock, shares issued	0	0	0	0
Treasury stock, shares utilized of equity awards	99,585	601,907	366,714	603,971

LEASES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
LEASES (Details) - USD ($) $ in Millions	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 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	$ 5.8	$ 5.5	$ 11.1	$ 11.5
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

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jul. 31, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

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
		July 31,		July 31,		January 31,		July 31,		July 31,		January 31,
Financial Instrument	Level	2024		2023		2024		2024		2023		2024

		(In thousands)
Secured Notes	1	$	400,000	$	400,000	$	400,000	$	400,412	$	393,000	$	401,080
Note issued to LVMH	3		—		49,105		—		—		48,391		—
Unsecured loans	2		7,760		9,913		8,791		7,760		9,913		8,791
Overdraft facilities	2		7,906		2,202		2,651		7,906		2,202		2,651
Foreign credit facility	2		—		8,213		8,939		—		8,213		8,939

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 July 31, 2024. 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 recorded 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 2024, the Company recorded a $1.3 million impairment charge primarily related to leasehold improvements, furniture and fixtures, computer hardware and operating lease assets at certain DKNY, Karl Lagerfeld 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

NET INCOME PER COMMON SHARE (Tables)

6 Months Ended

Jul. 31, 2024

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 July 31,				Six Months Ended July 31,
	2024		2023		2024		2023

	(In thousands, except share and per share amounts)
Net income attributable to G-III Apparel Group, Ltd.	$	24,212	$	16,438	$	30,014	$	19,674
Basic net income per share:
Basic common shares		44,569		45,714		45,022		45,996
Basic net income per share	$	0.54	$	0.36	$	0.67	$	0.43

Diluted net income per share:
Basic common shares		44,569		45,714		45,022		45,996
Dilutive restricted stock unit awards and stock options		914		856		1,083		996
Diluted common shares		45,483		46,570		46,105		46,992
Diluted net income per share	$	0.53	$	0.35	$	0.65	$	0.42

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023	Jan. 31, 2023
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Accounts receivable, gross	$ 478,725	$ 563,834	$ 537,852
Allowance for doubtful accounts	(1,260)	(1,471)	(18,491)	$ (18,297)
Accounts receivable, net	477,465	562,363	519,361
Wholesale
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Accounts receivable, gross	477,042	563,130	536,711
Allowance for doubtful accounts	(1,197)	(1,408)	(18,428)	(18,237)
Accounts receivable, net	475,845	561,722	518,283
Retail
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Accounts receivable, gross	1,683	704	1,141
Allowance for doubtful accounts	(63)	(63)	(63)	$ (60)
Accounts receivable, net	$ 1,620	$ 641	$ 1,078

SEGMENTS - Schedule of Total Net Sales by Licensed and Proprietary Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 644,755	$ 659,761	$ 1,254,502	$ 1,266,350
Elimination
Segment Reporting Information [Line Items]
Net sales	(12,754)	(13,764)	(31,300)	(24,294)
Wholesale \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	620,311	639,184	1,218,075	1,226,086
Wholesale \| Operating Segments \| Licensed Brands
Segment Reporting Information [Line Items]
Net sales	286,898	338,656	548,765	636,661
Wholesale \| Operating Segments \| Proprietary Brands
Segment Reporting Information [Line Items]
Net sales	333,413	300,528	669,310	589,425
Retail \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	37,198	34,341	67,727	64,558
Retail \| Operating Segments \| Proprietary Brands
Segment Reporting Information [Line Items]
Net sales	$ 37,198	$ 34,341	$ 67,727	$ 64,558

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

LEASES - Lease assets and liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 204,008	$ 216,886	$ 229,723
Classification of operating lease assets	Operating lease assets
Current operating lease liabilities	$ 54,983	56,587	54,563
Classification current operating lease liabilities	Current operating lease liabilities
Noncurrent operating lease liabilities	$ 163,750	178,247	192,981
Classification of noncurrent operating liabilities	Noncurrent operating lease liabilities
Total lease liabilities	$ 218,733	$ 234,834	$ 247,544

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023
Current assets
Cash and cash equivalents	$ 414,791	$ 507,829	$ 197,735
Accounts receivable, net of allowance for doubtful accounts of $1,260, $18,491 and $1,471, respectively	477,465	562,363	519,361
Inventories	610,492	520,426	804,858
Prepaid income taxes	11,729	1,356	8,588
Prepaid expenses and other current assets	79,581	68,344	72,143
Total current assets	1,594,058	1,660,318	1,602,685
Investments in unconsolidated affiliates	21,676	22,472	27,089
Property and equipment, net	66,608	55,084	53,791
Operating lease assets	204,008	216,886	229,723
Other assets, net	131,564	45,147	56,051
Other intangibles, net	28,664	31,676	33,613
Deferred income tax assets, net	26,185	19,248	26,432
Trademarks	623,524	630,333	632,669
Total assets	2,696,287	2,681,164	2,662,053
Current liabilities
Current portion of notes payable	11,427	15,026	62,732
Accounts payable	289,771	182,531	294,287
Accrued expenses	132,523	140,535	146,933
Customer refund liabilities	52,489	84,054	56,223
Current operating lease liabilities	54,983	56,587	54,563
Income tax payable	4,478	14,676	8,844
Other current liabilities	734	219	430
Total current liabilities	546,405	493,628	624,012
Notes payable, net of discount and unamortized issuance costs	402,541	402,807	403,304
Deferred income tax liabilities, net	48,327	42,736	45,858
Noncurrent operating lease liabilities	163,750	178,247	192,981
Other noncurrent liabilities	22,629	15,764	14,929
Total liabilities	1,183,652	1,133,182	1,281,084
Redeemable noncontrolling interests		(2,278)	(1,146)
Stockholders' Equity
Preferred stock; 1,000 shares authorized; no shares issued
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	451,005	458,841	448,762
Accumulated other comprehensive loss	(12,069)	(3,207)	(4,603)
Retained earnings	1,190,126	1,160,112	1,003,618
Common stock held in treasury, at cost - 5,511, 3,675 and 3,668 shares, respectively	(116,691)	(65,750)	(65,926)
Total stockholders' equity	1,512,635	1,550,260	1,382,115
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 2,696,287	$ 2,681,164	$ 2,662,053

FAIR VALUE OF FINANCIAL INSTRUMENTS- Textuals (Details) - USD ($) $ in Thousands			6 Months Ended	12 Months Ended
	Dec. 01, 2023	Jun. 01, 2023	Jul. 31, 2023	Jan. 31, 2024	Jul. 31, 2024
Debt Instrument [Line Items]
Impairment of the operating lease assets, net of tax				$ 1,300
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	$ 50,000	$ 75,000

- 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
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+ Details

SEGMENTS (Tables)

6 Months Ended

Jul. 31, 2024

SEGMENTS

Schedule of information regarding reportable segments

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


	Three Months Ended July 31, 2024
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	620,311	$	37,198	$	(12,754)	$	644,755
Cost of goods sold		364,658		16,977		(12,754)		368,881
Gross profit		255,653		20,221		—		275,874
Selling, general and administrative expenses		207,442		21,588		—		229,030
Depreciation and amortization		4,424		956		—		5,380
Operating profit (loss)	$	43,787	$	(2,323)	$	—	$	41,464


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

	(In thousands)
Net sales	$	639,184	$	34,341	$	(13,764)	$	659,761
Cost of goods sold		379,884		16,988		(13,764)		383,108
Gross profit		259,300		17,353		—		276,653
Selling, general and administrative expenses		216,489		22,718		—		239,207
Depreciation and amortization		5,027		932		—		5,959
Operating profit (loss)	$	37,784	$	(6,297)	$	—	$	31,487


	Six Months Ended July 31, 2024
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,218,075	$	67,727	$	(31,300)	$	1,254,502
Cost of goods sold		717,885		33,150		(31,300)		719,735
Gross profit		500,190		34,577		—		534,767
Selling, general and administrative expenses		423,017		42,634		—		465,651
Depreciation and amortization		11,438		2,710		—		14,148
Operating profit (loss)	$	65,735	$	(10,767)	$	—	$	54,968


	Six Months Ended July 31, 2023
	Wholesale		Retail		Elimination ⁽¹⁾		Total

	(In thousands)
Net sales	$	1,226,086	$	64,558	$	(24,294)	$	1,266,350
Cost of goods sold		732,354		31,837		(24,294)		739,897
Gross profit		493,732		32,721		—		526,453
Selling, general and administrative expenses		420,578		46,590		—		467,168
Depreciation and amortization		10,772		1,763		—		12,535
Operating profit (loss)	$	62,382	$	(15,632)	$	—	$	46,750

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

Schedule of total net sales by licensed and proprietary product sales

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


	Three Months Ended				Six Months Ended
	July 31, 2024		July 31, 2023		July 31, 2024		July 31, 2023

	(In thousands)
Licensed brands	$	286,898	$	338,656	$	548,765	$	636,661
Proprietary brands		333,413		300,528		669,310		589,425
Wholesale net sales	$	620,311	$	639,184	$	1,218,075	$	1,226,086

Licensed brands	$	—	$	—	$	—	$	—
Proprietary brands		37,198		34,341		67,727		64,558
Retail net sales	$	37,198	$	34,341	$	67,727	$	64,558

LEASES - Other information (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
LEASES
Operating lease, lease not yet commenced, description	As of July 31, 2024, there are no material leases that are legally binding but have not yet commenced.
Weighted average remaining lease term	4 years 10 months 24 days
Weighted average discount rate	6.50%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 38.0	$ 39.3
Right-of-use assets obtained in exchange for lease obligations	$ 16.1	$ 18.1

NOTES PAYABLE - Long-term debt (Details) $ in Thousands, € in Millions	Jul. 31, 2024 USD ($)	Jul. 31, 2024 EUR (€)	Jan. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total	$ 402,541		$ 402,807	$ 403,304
Long-term Debt
Debt Instrument [Line Items]
Subtotal	415,666		420,381	470,328
Less: Net debt issuance costs	(1,698)		(2,548)	(3,397)
Debt discount				(895)
Current portion of long-term debt	(11,427)		(15,026)	(62,732)
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	5,400		2,400	3,200
LVMH Note
Debt Instrument [Line Items]
Debt discount	(40,000)
LVMH Note \| Long-term Debt
Debt Instrument [Line Items]
Subtotal				50,000
Unsecured Loan
Debt Instrument [Line Items]
Total	7,800	€ 7.2
Unsecured Loan \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	7,760		8,791	9,913
Overdraft facilities \| Long-term Debt
Debt Instrument [Line Items]
Subtotal	$ 7,906		2,651	2,202
Foreign credit facility \| Long-term Debt
Debt Instrument [Line Items]
Subtotal			$ 8,939	$ 8,213

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Narrative) (Details)	6 Months Ended
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Narrative) (Details)	Jul. 31, 2024 segment
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Number of reportable segments	2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 24,212	$ 16,438	$ 30,014	$ 19,674

- Definition

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

+ References

+ Details

AWWG INVESTMENT

6 Months Ended

Jul. 31, 2024

AWWG INVESTMENT

AWWG INVESTMENT

NOTE 12 – AWWG INVESTMENT

In May 2024, the Company acquired a 12.1% minority interest in AWWG Investments B.V. (“AWWG”) for €50 million ($53.6 million). AWWG is a global fashion group and premier platform for international brands. AWWG owns a portfolio of brands including Hackett, Pepe Jeans and Façonnable. The Company intends to leverage AWWG’s expertise with AWWG becoming the agent for Karl Lagerfeld, DKNY and Donna Karan in Spain and Portugal. This investment is intended to accelerate several of the Company’s priorities including expanding its international business and identifying opportunities for growth of its owned brands.

As of July 31, 2024, the Company accounts for its investment in AWWG using the cost method. Investments recorded using the cost method will be assessed for any decrease in value that has occurred that is other than temporary and the other than temporary decrease shall be recognized. The Company will continue to evaluate its ability to significantly influence operational and financial policy to establish a basis for converting the investment accounted for using the cost method to the equity method of valuation in accordance with ASC 323. The investment is classified in other assets, net in the Company’s condensed consolidated balance sheet as of July 31, 2024.

In July 2024, the Company acquired an additional 6.6% minority interest in AWWG for €27.1 million ($29.1 million), increasing its total ownership interest to 18.7%. The investment in AWWG is owned by G-III Foreign Holdings B.V., a wholly-owned subsidiary of the Company. G-III Foreign Holdings B.V. reports results on a calendar year basis rather than on the January 31 fiscal year basis used by the Company. Accordingly, the AWWG investment will be accounted for under the equity method of accounting in the Company’s fiscal quarter ending October 31, 2024. The additional investment is classified in other assets, net in the Company’s condensed consolidated balance sheet as of July 31, 2024.

STOCKHOLDERS' EQUITY

6 Months Ended

Jul. 31, 2024

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

NOTE 10 – STOCKHOLDERS’ EQUITY

For the three months ended July 31, 2024, the Company issued no shares of common stock and utilized 99,585 shares of treasury stock in connection with the vesting of equity awards. For the three months ended July 31, 2023, the Company issued no shares of common stock and utilized 601,907 shares of treasury stock in connection with the vesting of equity awards. For the six months ended July 31, 2024, the Company issued no shares of common stock and utilized 366,714 shares of treasury stock in connection with the vesting of equity awards. For the six months ended July 31, 2023, the Company issued no shares of common stock and utilized 603,971 shares of treasury stock in connection with the vesting of equity awards.

- Definition

The entire disclosure for equity.

+ References

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023
Level 1 \| Secured notes
Debt Instrument [Line Items]
Debt instruments, carrying value	$ 400,000	$ 400,000	$ 400,000
Debt instruments, fair value	400,412	401,080	393,000
Level 2 \| Unsecured Loan
Debt Instrument [Line Items]
Debt instruments, carrying value	7,760	8,791	9,913
Debt instruments, fair value	7,760	8,791	9,913
Level 2 \| Overdraft facilities
Debt Instrument [Line Items]
Debt instruments, carrying value	7,906	2,651	2,202
Debt instruments, fair value	$ 7,906	2,651	2,202
Level 2 \| Foreign credit facility
Debt Instrument [Line Items]
Debt instruments, carrying value		8,939	8,213
Debt instruments, fair value		$ 8,939	8,213
Level 3 \| LVMH Note
Debt Instrument [Line Items]
Debt instruments, carrying value			49,105
Debt instruments, fair value			$ 48,391

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 31, 2024
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

INVENTORIES - Textuals (Details) - USD ($) $ in Millions	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023
INVENTORIES
Inventory held on consignment	$ 4.7	$ 6.6	$ 7.9
Prepaid Expenses and Other Current Assets
INVENTORIES
Inventory return asset	$ 6.5	$ 16.5	$ 8.5

SUBSEQUENT EVENTS

6 Months Ended

Jul. 31, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 14 – SUBSEQUENT EVENTS

Senior Secured Notes Redemption

In August 2024, the Company used cash on hand and borrowings from its revolving credit facility to make a $400.7 million voluntary payment to redeem the entire $400 million principal amount of its Senior Secured Notes due August 2025 at a redemption price equal to 100% of the principal amount of the Notes plus accrued interest.

BASIS OF PRESENTATION

6 Months Ended

Jul. 31, 2024

BASIS OF PRESENTATION

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. The Company’s DKNY and Donna Karan business in China is operated by Fabco Holding B.V. (“Fabco”), a Dutch joint venture limited liability company that was 75% owned by the Company through April 16, 2024 and was treated as a consolidated majority-owned subsidiary. Effective April 17, 2024, the Company acquired the remaining 25% interest in Fabco that it did not previously own and, as a result, Fabco began being treated as a wholly-owned subsidiary. All material intercompany balances and transactions have been eliminated.

Karl Lagerfeld Holding B.V. (“KLH”), a Dutch limited liability company that is wholly-owned by the Company, Vilebrequin International SA (“Vilebrequin”), a Swiss corporation that is wholly-owned by the Company, Sonia Rykiel, a Swiss corporation that is wholly-owned by the Company, and Fabco 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, Sonia Rykiel and Fabco 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 six-month period ended July 31, 2024, the results of KLH, Vilebrequin, Sonia Rykiel and Fabco are included for the six-month period ended June 30, 2024. The Company’s retail operations segment reports on a 52/53 week fiscal year. For fiscal 2025 and 2024, the three and six-month periods for the retail operations segment were each 13-week and 26-week periods, respectively, and ended on August 3, 2024 and July 29, 2023, respectively.

The results for the three and six months ended July 31, 2024 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, 2024 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.

FABCO (Detail) - Fabco - USD ($) $ in Millions		6 Months Ended
FABCO (Detail) - Fabco - USD ($) $ in Millions	Apr. 17, 2024	Jul. 31, 2024
Business Acquisition [Line Items]
Remaining percentage of interest	25.00%
Total consideration	$ 0.2
Business Combination equity Interest in acquiree		$ 0.0
Adjustment to liabilities in acquisition		0.6
Extinguishment of deferred financing costs		$ 0.6
Business combination recognized identifiable assets acquired and liabilities	1.2
non interest bearing promissory notes
Business Acquisition [Line Items]
Face amount	0.6
Non interest bearing promissory notes due and payable on April 17, 2026.
Business Acquisition [Line Items]
Face amount	0.2
Non interest bearing promissory notes due and payableon April 17, 2025.
Business Acquisition [Line Items]
Face amount	$ 0.4

NOTES PAYABLE (Tables)

6 Months Ended

Jul. 31, 2024

NOTES PAYABLE

Schedule of long-term debt

Long-term debt consists of the following:


	July 31, 2024		July 31, 2023		January 31, 2024

	(In thousands)
Secured Notes	$	400,000	$	400,000	$	400,000
LVMH Note		—		50,000		—
Unsecured loans		7,760		9,913		8,791
Overdraft facilities		7,906		2,202		2,651
Foreign credit facility		—		8,213		8,939
Subtotal		415,666		470,328		420,381
Less: Net debt issuance costs ⁽¹⁾		(1,698)		(3,397)		(2,548)
Debt discount		—		(895)		—
Current portion of long-term debt		(11,427)		(62,732)		(15,026)
Total	$	402,541	$	403,304	$	402,807

(1)

Does not include debt issuance costs, net of amortization, totaling $5.4 million, $3.2 million and $2.4 million as of July 31, 2024, July 31, 2023 and January 31, 2024, 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.

- 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

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, € in Millions	6 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)
Cash flows from operating activities
Net income attributable to G-III Apparel Group, Ltd.	$ 30,014	$ 19,674
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,148	12,535
Loss on disposal of fixed assets	5	319
Non-cash operating lease costs	27,679	29,815
Equity loss in unconsolidated affiliates	3,099	978
Change in fair value of equity securities		(1,009)
Share-based compensation	12,108	6,838
Deferred financing charges and debt discount amortization	1,568	4,549
Deferred income taxes	(1,346)	1,031
Changes in operating assets and liabilities:
Accounts receivable, net	84,898	155,602
Inventories	(90,066)	(95,513)
Income taxes, net	(20,571)	(8,733)
Prepaid expenses and other current assets	(10,776)	(321)
Other assets, net	(1,393)	(3,883)
Customer refund liabilities	(31,565)	(33,537)
Operating lease liabilities	(29,103)	(30,242)
Accounts payable, accrued expenses and other liabilities	106,131	154,376
Net cash provided by operating activities	94,830	212,479
Cash flows from investing activities
Operating lease assets initial direct costs	(1,745)	(52)
Proceeds from sale of assets	728
Investment in equity interest of private company	(84,366)	(3,600)
Capital expenditures	(23,273)	(11,117)
Net cash used in investing activities	(108,656)	(14,769)
Cash flows from financing activities
Repayment of borrowings - revolving facility	(23,528)	(85,400)
Proceeds from borrowings - revolving facility	23,528	5,313
Repayment of borrowings - LVMH Note		(75,000)
Repayment of borrowings - foreign facilities	(69,680)	(75,116)
Proceeds from borrowings - foreign facilities	65,528	72,773
Payment of financing costs	(3,757)
Purchase of treasury shares	(59,973)	(26,100)
Taxes paid for net share settlements	(7,534)	(10,795)
Net cash used in financing activities	(75,416)	(194,325)
Foreign currency translation adjustments	(3,796)	2,698
Net (decrease) increase in cash and cash equivalents	(93,038)	6,083
Cash and cash equivalents at beginning of period	507,829	191,652
Cash and cash equivalents at end of period	414,791	197,735
Cash payments:
Interest, net	7,854	16,052
Income tax payments, net	27,853	$ 6,278
Excise tax liability related to stock repurchases	$ 636

SEGMENTS - Textuals (Details)	6 Months Ended
SEGMENTS - Textuals (Details)	Jul. 31, 2024 segment
SEGMENTS
Number of reportable segments	2

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Activity in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Beginning balance	$ (1,471)	$ (18,297)	$ (18,297)
Provision for credit losses	208	(195)	163
Accounts written off as uncollectible	3	1	16,663
Ending balance	(1,260)	(18,491)	(1,471)
Wholesale
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Beginning balance	(1,408)	(18,237)	(18,237)
Provision for credit losses	208	(192)	166
Accounts written off as uncollectible	3	1	16,663
Ending balance	(1,197)	(18,428)	(1,408)
Retail
ALLOWANCE FOR DOUBTFUL ACCOUNTS
Beginning balance	(63)	(60)	(60)
Provision for credit losses		(3)	(3)
Ending balance	$ (63)	$ (63)	$ (63)

LEASES (Tables)

6 Months Ended

Jul. 31, 2024

LEASES

Schedule of lease assets and liabilities

The Company’s operating lease assets and liabilities as of July 31, 2024, July 31, 2023 and January 31, 2024 consist of the following:



Leases	Classification	July 31, 2024		July 31, 2023		January 31, 2024

		(In thousands)
Assets
Operating	Operating lease assets	$	204,008	$	229,723	$	216,886

Liabilities
Current operating	Current operating lease liabilities	$	54,983	$	54,563	$	56,587
Noncurrent operating	Noncurrent operating lease liabilities		163,750		192,981		178,247
Total lease liabilities		$	218,733	$	247,544	$	234,834

Schedule of maturity of operating lease liabilities

As of July 31, 2024, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2029 and thereafter are as follows:


Year Ending January 31,	Amount
	(In thousands)
2025	$	35,991
2026		64,545
2027		51,764
2028		41,120
2029		27,887
After 2029		45,051
Total lease payments	$	266,358
Less: Interest		47,625
Present value of lease liabilities	$	218,733

NOTES PAYABLE

6 Months Ended

Jul. 31, 2024

NOTES PAYABLE

NOTES PAYABLE

NOTE 7 – NOTES PAYABLE

Long-term debt consists of the following:


	July 31, 2024		July 31, 2023		January 31, 2024

	(In thousands)
Secured Notes	$	400,000	$	400,000	$	400,000
LVMH Note		—		50,000		—
Unsecured loans		7,760		9,913		8,791
Overdraft facilities		7,906		2,202		2,651
Foreign credit facility		—		8,213		8,939
Subtotal		415,666		470,328		420,381
Less: Net debt issuance costs ⁽¹⁾		(1,698)		(3,397)		(2,548)
Debt discount		—		(895)		—
Current portion of long-term debt		(11,427)		(62,732)		(15,026)
Total	$	402,541	$	403,304	$	402,807

(1)

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.

Third Amended and Restated ABL Credit Agreement

On June 4, 2024, the Company’s subsidiaries, G-III Leather Fashions, Inc., Riviera Sun, Inc., AM Retail Group, Inc. and The Donna Karan Company Store LLC (collectively, the “Borrowers”), entered into the third amended and restated credit agreement (the “Third ABL Credit Agreement”) with the lenders named therein and with JPMorgan Chase Bank, N.A., as administrative agent. The Third ABL Credit Agreement is a five-year senior secured asset-based revolving credit facility providing for borrowings in an aggregate principal amount of up to $700 million. The Company and certain of its wholly-owned domestic subsidiaries, as well as G-III Apparel Canada ULC (collectively, the “Guarantors”), are guarantors under the Third ABL Credit Agreement.

The Third ABL Credit Agreement amends and restates the Second Amended Credit Agreement, dated as of August 7, 2020 (as amended, supplemented or otherwise modified from time to time prior to June 4, 2024, the “Second Credit Agreement”), by and among the Borrowers and the Guarantors, the lenders from time-to-time party thereto, and JPMorgan Chase Bank, N.A., in its capacity as the administrative agent thereunder. The Second Credit Agreement provided for borrowings of up to $650 million and was due to expire on August 7, 2025. The Third ABL Credit Agreement extends the maturity date to June 2029, subject to a springing maturity date as defined within the credit agreement.

Amounts available under the Third ABL Credit Agreement are subject to borrowing base formulas and overadvances as specified in the Third ABL Credit Agreement. Borrowings bear interest, at the Borrowers’ option, at Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.50% to 2.00%, or the alternate base rate plus a margin of 0.50% to 1.00% (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) SOFR for a borrowing with an interest period of one month plus 1.00%), with the applicable margin determined based on the Borrowers’ average daily availability under the Third ABL Credit Agreement.

The Third 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 Third 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 0.375% 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 0.25% 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 Third ABL Credit Agreement 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 July 31, 2024, the Company was in compliance with these covenants.

As of July 31, 2024, the Company had no borrowings outstanding under the Third ABL Credit Agreement. The Third ABL Credit Agreement also includes amounts available for letters of credit. As of July 31, 2024, there were outstanding trade and standby letters of credit amounting to $6.3 million and $2.9 million, respectively.

At the date of the refinancing of the Second ABL Credit Agreement, the Company had $1.9 million of unamortized debt issuance costs remaining from the Second ABL Credit Agreement. There was no extinguishment of any amount of the unamortized debt issuance costs remaining from the Second ABL Credit Agreement. The Company incurred new debt issuance costs totaling $3.8 million related to the Third ABL Credit Agreement. The Company has a total of $5.6 million debt issuance costs related to its Third 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 Third ABL Credit Agreement.

LVMH Note

As a portion of the consideration for the acquisition of DKNY and Donna Karan, the Company issued to LVMH a junior lien secured promissory note in the principal amount of $125.0 million that bore interest at the rate of 2% per year. $75.0 million of the principal amount of the LVMH Note was paid on June 1, 2023 and the remaining $50.0 million of such principal amount was paid on December 1, 2023.

ASC 820 required the LVMH Note to be recorded at fair value at issuance. As a result, the Company recorded a $40.0 million debt discount. This discount was 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 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 July 31, 2024, the Company had an aggregate outstanding balance of €7.2 million ($7.8 million) under these unsecured loans.

Overdraft Facilities

During fiscal 2021 and 2025, certain of the Company’s foreign entities entered into overdraft facilities that allow for applicable bank accounts to be in a negative position up to a certain maximum overdraft. These uncommitted overdraft facilities with HSBC Bank allow for an aggregate maximum overdraft of €10 million. Interest on drawn balances accrues at a rate equal to the Euro Interbank Offered Rate plus a margin of 1.75% per annum, payable quarterly. The facility may be cancelled at any time by the Company or HSBC Bank. As part of a COVID-19 relief program, certain of the Company’s foreign entities 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 July 31, 2024, the Company had an aggregate of €7.4 million ($7.9 million) drawn under these various 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 Euro Interbank Offered Rate plus a margin of 1.7%. As of July 31, 2024, KLH had no 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
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVENTORIES

6 Months Ended

Jul. 31, 2024

INVENTORIES

INVENTORIES

NOTE 3 – INVENTORIES

Wholesale inventories, which comprise a significant portion of the Company’s inventory, and KLH inventories 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 $6.5 million, $8.5 million and $16.5 million as of July 31, 2024, July 31, 2023 and January 31, 2024, 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 $4.7 million, $7.9 million and $6.6 million at July 31, 2024, July 31, 2023 and January 31, 2024, respectively. The Company reflects this inventory on its condensed consolidated balance sheets.

REVENUE RECOGNITION

6 Months Ended

Jul. 31, 2024

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 8 – 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 $5.1 million, $4.6 million and $5.2 million at July 31, 2024, July 31, 2023 and January 31, 2024, respectively. The Company recognized $3.4 million in revenue for the three months ended July 31, 2024 related to contract liabilities that existed at April 30, 2024. The Company recognized $4.0 million in revenue for the six months ended July 31, 2024 related to contract liabilities that existed at

January 31, 2024. There were no contract assets recorded as of July 31, 2024, July 31, 2023 and January 31, 2024. Substantially all of the advance payments from licensees as of July 31, 2024 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
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

LEASES - Future minimum payments under our operating lease (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025	$ 35,991
2026	64,545
2027	51,764
2028	41,120
2029	27,887
After 2029	45,051
Total lease payments	266,358
Less: Interest	47,625
Present value of lease liabilities	$ 218,733	$ 234,834	$ 247,544

ALLOWANCE FOR DOUBTFUL ACCOUNTS

6 Months Ended

Jul. 31, 2024

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 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 July 31, 2024, July 31, 2023 and January 31, 2024 were:


	July 31, 2024
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	477,042	$	1,683	$	478,725
Allowance for doubtful accounts		(1,197)		(63)		(1,260)
Accounts receivable, net	$	475,845	$	1,620	$	477,465

	July 31, 2023
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	536,711	$	1,141	$	537,852
Allowance for doubtful accounts		(18,428)		(63)		(18,491)
Accounts receivable, net	$	518,283	$	1,078	$	519,361

	January 31, 2024
	Wholesale		Retail		Total

	(In thousands)
Accounts receivable, gross	$	563,130	$	704	$	563,834
Allowance for doubtful accounts		(1,408)		(63)		(1,471)
Accounts receivable, net	$	561,722	$	641	$	562,363

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 doubtful accounts:


	Wholesale		Retail		Total

	(In thousands)
Balance as of January 31, 2024	$	(1,408)	$	(63)	$	(1,471)
Provision for credit losses, net		208		—		208
Accounts written off as uncollectible		3		—		3
Balance as of July 31, 2024	$	(1,197)	$	(63)	$	(1,260)

Balance as of January 31, 2023	$	(18,237)	$	(60)	$	(18,297)
Provision for credit losses, net		(192)		(3)		(195)
Accounts written off as uncollectible		1		—		1
Balance as of July 31, 2023	$	(18,428)	$	(63)	$	(18,491)

Balance as of January 31, 2023	$	(18,237)	$	(60)	$	(18,297)
Provision for credit losses, net		166		(3)		163
Accounts written off as uncollectible		16,663		—		16,663
Balance as of January 31, 2024	$	(1,408)	$	(63)	$	(1,471)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jul. 31, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

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
		July 31,		July 31,		January 31,		July 31,		July 31,		January 31,
Financial Instrument	Level	2024		2023		2024		2024		2023		2024

		(In thousands)
Secured Notes	1	$	400,000	$	400,000	$	400,000	$	400,412	$	393,000	$	401,080
Note issued to LVMH	3		—		49,105		—		—		48,391		—
Unsecured loans	2		7,760		9,913		8,791		7,760		9,913		8,791
Overdraft facilities	2		7,906		2,202		2,651		7,906		2,202		2,651
Foreign credit facility	2		—		8,213		8,939		—		8,213		8,939

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Net sales	$ 644,755	$ 659,761	$ 1,254,502	$ 1,266,350
Cost of goods sold	368,881	383,108	719,735	739,897
Gross profit	275,874	276,653	534,767	526,453
Selling, general and administrative expenses	229,030	239,207	465,651	467,168
Depreciation and amortization	5,380	5,959	14,148	12,535
Operating profit (loss)	41,464	31,487	54,968	46,750
Other (loss) income	(2,952)	192	(3,175)	1,165
Interest and financing charges, net	(4,876)	(9,492)	(10,300)	(21,642)
Income before income taxes	33,636	22,187	41,493	26,273
Income tax expense	9,447	5,951	11,752	6,896
Net income	24,189	16,236	29,741	19,377
Less: Loss attributable to noncontrolling interests	(23)	(202)	(273)	(297)
Net income attributable to G-III Apparel Group, Ltd.	$ 24,212	$ 16,438	$ 30,014	$ 19,674
Basic:
Net income per common share	$ 0.54	$ 0.36	$ 0.67	$ 0.43
Weighted average number of shares outstanding (in shares)	44,569	45,714	45,022	45,996
Diluted:
Net income per common share	$ 0.53	$ 0.35	$ 0.65	$ 0.42
Weighted average number of shares outstanding (in shares)	45,483	46,570	46,105	46,992
Net income	$ 24,189	$ 16,236	$ 29,741	$ 19,377
Other comprehensive (loss) income:
Foreign currency translation adjustments	(2,017)	2,359	(8,900)	7,074
Other comprehensive (loss) income	(2,017)	2,359	(8,900)	7,074
Comprehensive income	22,172	18,595	20,841	26,451
Comprehensive loss attributable to noncontrolling interests:
Net loss	(23)	(202)	(273)	(297)
Foreign currency translation adjustments	38	(26)	38	(24)
Comprehensive income (loss) attributable to noncontrolling interests	15	(228)	(235)	(321)
Comprehensive income attributable to G-III Apparel Group, Ltd.	$ 22,187	$ 18,367	$ 20,606	$ 26,130

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 31, 2024	Sep. 03, 2024
Document And Entity Information Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2024
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		43,884,544
Entity Central Index Key	0000821002
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

LEASES

6 Months Ended

Jul. 31, 2024

LEASES

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 July 31, 2024, July 31, 2023 and January 31, 2024 consist of the following:



Leases	Classification	July 31, 2024		July 31, 2023		January 31, 2024

		(In thousands)
Assets
Operating	Operating lease assets	$	204,008	$	229,723	$	216,886

Liabilities
Current operating	Current operating lease liabilities	$	54,983	$	54,563	$	56,587
Noncurrent operating	Noncurrent operating lease liabilities		163,750		192,981		178,247
Total lease liabilities		$	218,733	$	247,544	$	234,834

The Company recorded lease costs of $18.0 million and $36.2 million during the three and six months ended July 31, 2024. The Company recorded lease costs of $18.3 million and $36.9 million during the three and six months ended July 31, 2023. 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 $5.8 million and $11.1 million for the three and six months ended July 31, 2024. The Company recorded variable lease costs and short-term lease costs of $5.5 million and $11.5 million for the three and six months ended July 31, 2023. Short-term lease costs are immaterial.

As of July 31, 2024, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2029 and thereafter are as follows:


Year Ending January 31,	Amount
	(In thousands)
2025	$	35,991
2026		64,545
2027		51,764
2028		41,120
2029		27,887
After 2029		45,051
Total lease payments	$	266,358
Less: Interest		47,625
Present value of lease liabilities	$	218,733

As of July 31, 2024, there are no material leases that are legally binding but have not yet commenced.

As of July 31, 2024, the weighted average remaining lease term related to operating leases is 4.9 years. The weighted average discount rate related to operating leases is 6.5%.

Cash paid for amounts included in the measurement of operating lease liabilities was $38.0 million and $39.3 million during the six months ended July 31, 2024 and 2023, respectively. Right-of-use assets obtained in exchange for lease obligations were $16.1 million and $18.1 million during the six months ended July 31, 2024 and 2023, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 1,260	$ 1,471	$ 18,491
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	5,511,000	3,668,000	3,675,000

REVENUE RECOGNITION - Textuals (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2024	Jan. 31, 2024	Jul. 31, 2023
REVENUE RECOGNITION
Customer refund liabilities	$ 52,489	$ 52,489	$ 84,054	$ 56,223
Contract liability	5,100	5,100	5,200	4,600
Revenue recognized related to contract liabilities	3,400	4,000
Contract assets	$ 0	$ 0	$ 0	$ 0

NOTES PAYABLE - Third Amended and Restated ABL Credit Agreement (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 04, 2024	Jul. 31, 2024	Jun. 03, 2024	Jan. 31, 2024	Jul. 31, 2023	Aug. 07, 2020	Aug. 06, 2020
Debt Instrument [Line Items]
Outstanding amount		$ 402,541		$ 402,807	$ 403,304
Unamortized debt issuance costs							$ 1,900
Third amended and restated credit agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument commitment fee percentage		0.375%
Third amended and restated credit agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument commitment fee percentage		0.25%
Senior secured credit facility
Debt Instrument [Line Items]
Debt issuance costs						$ 5,600
Senior secured credit facility \| Second amended and restated credit agreement
Debt Instrument [Line Items]
Senior secured credit facility			$ 650,000
Maturity date	Aug. 07, 2025
Senior secured credit facility \| Third amended and restated credit agreement
Debt Instrument [Line Items]
Term of credit agreement	5 years
Senior secured credit facility	$ 700,000
Fixed charge coverage ratio		1.00%
Credit covenant compliance		As of July 31, 2024, the Company was in compliance with these covenants.
Debt issuance costs						$ 3,800
Senior secured credit facility \| Third amended and restated credit agreement \| Base rate \| Maximum
Debt Instrument [Line Items]
Spread interest rate	1.00%
Senior secured credit facility \| Third amended and restated credit agreement \| Base rate \| Minimum
Debt Instrument [Line Items]
Spread interest rate	0.50%
Senior secured credit facility \| Third amended and restated credit agreement \| Federal funds rate
Debt Instrument [Line Items]
Spread interest rate	0.50%
Senior secured credit facility \| Third amended and restated credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Spread interest rate	1.00%
Senior secured credit facility \| Third amended and restated credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Spread interest rate	2.00%
Senior secured credit facility \| Third amended and restated credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Spread interest rate	1.50%
Trade
Debt Instrument [Line Items]
Borrowings outstanding		$ 6,300
Standby Letters of Credit
Debt Instrument [Line Items]
Borrowings outstanding		2,900
Revolving credit facility
Debt Instrument [Line Items]
Debt issuance costs		5,400		$ 2,400	$ 3,200
Revolving credit facility \| Senior secured credit facility \| Third amended and restated credit agreement
Debt Instrument [Line Items]
Outstanding amount		$ 0

RECENT ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)

6 Months Ended

Jul. 31, 2024

RECENT ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Guidance

Recently Adopted Accounting Guidance

There was no accounting guidance adopted during the three months ended July 31, 2024.

Issued Accounting Guidance Being Evaluated for Adoption