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G-III Apparel (GIII) Stock Tumbles on Q2 Miss, Reduced Guidance

NEW YORK (TheStreet) -- Shares of G-III Apparel Group (GIII) were dropping 17.72% to $34.42 on heavy trading volume late morning on Tuesday as the company reported lower-than-expected 2017 second quarter results.

Before today's market open, the New York City-based apparel company reported a loss of 3 cents per share, while Wall Street expected earnings of 18 cents per share.

Revenue fell 7% year-over-year to $442.3 million, below consensus estimates of $484.85 million in revenue.

For the 2016 second quarter, G-III earned 27 cents per share on revenue of $473,884.