G-III Apparel Group, LTD.

Thank you. Good morning.

Thanks for joining us. Before we begin, I would like to remind participants that certain statements made on today's call and in the Q&A session may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees, and actual results may differ materially from those expressed or implied in forward-looking statements. Important factors that could cause actual results of operations or the financial condition of the company to differ are discussed in the documents filed by the company with the SEC. The company undertakes no duty to update any forward-looking statements. I will now turn the call over to our Chairman and Chief Executive Officer, Morris Goldfarb.

Morris Goldfarb Good morning, and thank you for joining us. Also joining me today are Sammy Aaron, our Vice Chairman and President, Wayne Miller, our Chief Operating Officer, Neil Nachman, our Chief Financial Officer, Jeff Goldfarb, Executive Vice President, and Priya Trivedi, Vice President of Investor Relations. We are pleased to end the first quarter of fiscal 2022 with strong outperformance in our results, which gives us confidence that we and our industry are well on our way to recovery. In reflecting upon last year and the very difficult challenges posed by the global pandemic, It is impressive to see how effectively we navigated through this period. More importantly, we've emerged a stronger and leaner company in a solid financial position, which affords us with a significant flexibility to invest in our growth. Our past success, financial strength, and future growth are built upon four fundamental pillars. The first is our incredible portfolio of globally recognized lifestyle brands anchored by DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger, and Karl Lagerfeld. These brands have a proven record of longevity, relevance, and appeal to consumers throughout the world. Our second pillar is our expertise and dominance in a diversified range of lifestyle categories, including sportswear, outerwear, dresses, athleisure, jeans, suit separates, handbags, and footwear. Our third pillar is our diversified base of retail partners who operate across a wide range of distribution channels, and for many of whom we are key vendors. Finally, our fourth pillar of success, and maybe the most important, is the world-class team we've built here at G3, many of them with significant industry experience and expertise. Leveraging these four pillars enables us to create product at the right price points in a broad range of categories, which are able to meet the needs of a wide demographic of consumers in their preferred channel of shopping. The sales opportunity of just our power brands, DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger, and Karl Lagerfeld, taken together, have an annual net wholesale potential of $4 billion. We have a long runway of organic growth ahead of us and the resources to invest in that growth. This past year demonstrates the power and diversification of G3's business model to adapt and succeed in almost any environment. We quickly reacted and adjusted to the consumer's changing preferences. This enabled us to succeed and further elevated our position as a supplier of choice. This past quarter, casual categories continued to drive our results. With each passing week, we are encouraged by the increasing sales at retail for a broader lifestyle apparel such as sportswear, wear-to-work attire, and dresses. These trends provide a good indication for the remainder of the year. Accordingly, our merchants are responding and diligently working with our vendor and retail partners to expand these product offerings into our line assortments for the upcoming seasons. Our overall business in North America is really good, and it's been getting stronger over the last few months. We are optimistic about the remainder of this fiscal year and excited about our future. Now let's review the first quarter fiscal 2022 results. Net sales for the first quarter were $520 million, an increase of 28% compared to last year's first quarter net sales of $405 million and above our guidance. The increase in our first quarter net sales was driven by our wholesale segment, where net sales for the quarter were $512 million, up 35% compared to $379 million, in last year's first quarter and down 10 percent compared to $571 million in the first quarter two years ago. First quarter GAAP net income was 53 cents per diluted share compared to GAAP net loss of 82 cents per share in the first quarter last year and 24 cents per diluted share in the first quarter two years ago. This year's first quarter net income per share exceeded the high end of our provided guidance range of 5 cents to 15 cents per diluted share. Before we get into the details of the quarter, let me spend a few moments discussing some inbound freight challenges that we're seeing in our business. Like others in the industry, we too are experiencing an impact from rising shipping rates and availability of containers. The long-standing partnerships that we have with our steamship carriers benefit our ability to secure space on vessels. We're working to offset cost increases while also getting our goods here in a timely manner. We believe that the strength of our portfolio of global power brands will allow us to selectively raise prices to largely offset higher freight costs. As for our inventories, We continue to prudently manage our inventories, which ended the first quarter down 31% from last year's first quarter and down 36% to two years ago. Our inventories are current and well-positioned. Now let's look at the wholesale business, which drove our sales and results for the quarter. As expected, casual trends were dominant in this business, Additionally, this quarter we saw an acceleration in dress sales, which exceeded our expectations. As I stated in my opening comments, we also saw continued sales improvement in lifestyle apparel, including sportswear and where-to-work attire. Demand for athleisure and casual sportswear across our power brands once again accelerated and continues to be strong. For the second half of the year, we're incorporating widely functionality and fits to facilitate transitioning from home to a full lifestyle collection. For both athleisure and sportswear, we continue to see growth opportunities ahead. We entered into the jeans category with Calvin Klein, Tommy Hilfiger, and DKNY barely two years ago, and our timing worked out really well. In short order, we built an effective organization drawing on some of the best denim expertise in the industry. We've developed successful product lines and are becoming a dominant supplier. Our jeans lines have seen rapidly improving sales as a result of the casual and comfortable apparel trend. And now with consumers returning to a more normal way of life, we are seeing a resurgence in denim. G3 is well positioned to capture this growth on demand. Jeans will become a meaningful contributor to our wholesale segment in the coming years. Out of wear had another good quarter. The weather was cold in the first quarter of this year, fueling broad-based demand. As spring set in, The weather continued to remain chilly and provided the right environment for our lighter, seasonally functional outerwear collections. Clean inventory levels in the channels positions us well for fall 2021 season. We believe consumers will maintain active outdoor lifestyles for the foreseeable future, and we will continue to meet that demand and grow this business. As for dresses, This past quarter, the casual component drove the category and exceeded our expectations. Currently, with each passing week, we are seeing significant acceleration in demand for day and occasion dresses, as well as career wears such as suit separates. We thoughtfully kept the design teams for these categories intact and are working diligently to meet this demand from our retail partners and consumers. This was a particularly strong quarter for DKNY women's footwear on significantly less average inventory levels. Based on this past year's success of footwear, we expect to almost double our distribution by the end of next year to well over 300 department store doors in the U.S. alone. As for overall handbag business for Calvin Klein and DKNY, Our refreshed assortments are resonating and driving significant increases in AURs. As we build substantial footwear and handbag businesses, we are becoming a sizable supplier in both these categories as well. We are in the early stages here with significant growth expected for the future. Based upon the success of our digital launch with Macy's six months ago, we launched Karl Lagerfeld Paris Women's Sportswear this past March and 75 new doors at Macy's. The collection features a lifestyle assortment including blazers, woven tops, casual pants, dresses, elements of athleisure, and T-shirts. This collection has far exceeded our expectations, and as a result, We will more than triple our distribution from 75 to 250 doors by the end of the year. Our Karl Lagerfeld footwear and handbag business is launched in a handful of doors and is also off to a great start. Barely into our first season with Macy's, we expect to increase distribution for both categories to over 100 doors by this fall. The pandemic has further driven and increased consumers' digital shopping. It has become intuitive and a change in behavior that is likely to be permanent. We firmly recognize the importance of transforming into an omnichannel organization, and I'm pleased to announce that we've hired Stacey Bowe to lead this effort. Stacey is a veteran in the business with strong digital and merchandising expertise, and nearly 30 years of experience at Macy's. For the quarter, sales of our product through e-commerce continued to accelerate. On our retail partner sites, we saw sales increases of over 60% from two years ago. To further drive our sales on our retail partner sites, we're dedicating additional resources, creating exclusive merchandising programs, and supplementing it all with refreshed digital marketing. As for our own sites for DKNY and Karl Lagerfeld Paris, combined comparable sales also increased approximately 40% to last year. For fall, we're on track to replatform our DKNY and Karl Lagerfeld Paris sites and build out the GHBAS site. Initial reads on our newly implemented CRM tool are really favorable. Results include a significant uptake in repeat purchasers of 30% as compared to pre-implementation. Vilbrican also saw significant acceleration in their digital sales, with comparable sales increases of 60% to last year. On their vendor partner site, sales penetration is continuing to accelerate as the weather gets warmer, generating demand for resort swimwear. Overall, we remain focused on capturing market share by amplifying our digital business on a global basis and enhancing our logistics capabilities to support it. In the second half of the year, we will step up our marketing and media campaigns for the DKNY and Karl Lagerfeld brands. These campaigns will focus digital content to support the fall launch of their redesigned sites. Created to reach broad audiences, they will keep DKNY and Karl Lagerfeld brands top of consumers' minds across all distribution channels. Onto the international front, which in the long term represents a higher margin growth opportunity, our DKNY franchisees' sales were up considerably, even compared to the first quarter two years ago. China saw another quarter of significant growth with continued outperformance in e-commerce. Although small, the China business is expected to be up 50% for the year, and continue to grow rapidly. The DKNY European business, which is also small, continued to be faced with widespread COVID shutdowns. Our status swimwear brand, Vilbrecan, is celebrating its 50th anniversary this year and has an incredible slate of innovative product launches and collaborations planned. For example, in May, the brand teamed up with High Snobiety on a limited edition series inspired by LA's renowned skate culture. And a few days ago, we launched a collaboration with Palm Angels, which infuses the brand's urban style into Vilbercan's collection. We recently opened a new store in the Aventura Mall, one of the premier shopping destinations in the country. The store is significantly beating plan for its first week of operation. Now let's move to our retail segment, which includes 36 DKNY and 13 Karl Lagerfeld Paris locations. We feel great about our current store base. These brands are amongst some of the most recognized global fashion brands and are strategically important to our longer-term goals of brand ownership and omni-channel distribution. Accordingly, we're looking to take advantage of the current availability of prime retail space at favorable lease terms to selectively add some locations with average lease terms of about three years. This past quarter, we saw gradual improvement in traffic here in the U.S. However, our European stores have been closed for much of the quarter due to the pandemic. Overall, we were operating with clean inventories, less promotional activity, and fresh, compelling product. We're elevating assortments, driving digital growth, and leveraging virtual selling techniques. As a result, we're seeing higher shopper conversions and AURs and year-over-year margin expansion. Further, we've scaled down our overhead structure and continue to right-size it. We expect to pare the losses in our retail segment this year and see a path to bring the retail business into profitability in the near future. We remain optimistic about our business for the remainder of the year. We have one quarter behind us and a view into our order book for a substantial portion of the year. Although some uncertainties remain, we feel more confident in our ability to provide guidance for the full fiscal 2022. We expect full fiscal year net sales to be approximately $2.57 billion, which adjusted for the retail closures is 12% lower than our pre-pandemic levels two years ago. Neil will share more details shortly. We are managing our business prudently and we believe we are well positioned with our vendor network and appropriately aligned with our retail partners to capitalize on consumer demand as this year progresses. I will now pass the call to Neil for a discussion of our first quarter financial results, as well as the guidance for a second quarter and full year of fiscal 2022. Thank you, Morris.