G-III Apparel Group falls after pulling annual profit forecast on tariff woes

Shares of Donna Karan parent G-III Apparel Group GIII.O down ~7% at $25.76 premarket

Co withdraws annual adjusted net income and adjusted EBITDA guidance on uncertainty around tariffs and related macroeconomic conditions

Sees ~$135.0 million in unmitigated cost of tariffs on goods imported into U.S. mainly in second half of year

Co aims to offset costs through diversifying sourcing, vendor discounts, and selective price increases

Co also sees Q2 net sales of $570 million, below expectations of $621 million - data compiled by LSEG

Forecasts Q2 net income between $1 million and $6 million compared with $24.2 million a year ago

However, GIII beats Q1 sales and adjusted EPS expectations; reaffirms annual net sales forecast of $3.14 billion

Up to last close, stock has fallen 15% YTD