UPDATE: G-III Apparel Shares Jump 28% Premarket After Narrower-than-expected Loss, Raised Guidance

III Apparel Inc. shares jumped 28% premarket, after the owner of brands including Tommy Hilfiger, Calvin Klein and Donna Karan posted a narrower-than-expected loss for the first quarter and raised guidance for the full year. G-III said it had a net loss of $10.4 million, or 21 cents a share, for the quarter, after earnings of $2.8 million, or 6 cents a share, in the year-earlier period. Excluding charges related to the acquisition of Donna Karan, the company had a loss of 18 cents a share, compared with a Factset consensus for a loss per share of 40 cents. Sales rose 16% to $529 million, ahead of the FactSet consensus of $498 million. The company said the Donna Karan business has reached an inflection point and is expected to turn profitable in the second half. "We are reducing operating costs in our retail business, closing and repurposing stores and enhancing our store product offerings, all which are intended to help us significantly reduce the losses in our retail operations," Chief Executive Morris Goldfarb said in a statement. The company said it now expects full-year sales of about $2.76 billion and adjusted EPS of $1.20 to $1.30. The FactSet consensus is for full-year EPS of $1.01 and sales of $2.72 billion. Shares have fallen 32% in 2017 through Monday, while the S&P 500 has gained 9%.