womens prada eyeglasses doudoune prada pas cher paris femme france

Posted on by
womens prada eyeglasses suits, jackets, dresses, coats, sportswear, performance wear, luggage, handbags, leather goods, footwear, eyewear, and watches. Some of its brands include Andrew Marc, Jessica Howard, Eliza J, and Black Rivet. It also holds licenses to produce apparel under Calvin Klein, Guess?, Tommy Hilfiger, Levis, Dockers, Jessica Simpson, and Sean John among others. The company also holds sports licenses with the NFL, NBA, NHL, MLB, and others.GIII was founded in New York in 1956 by Aaron Goldfarb, and his son Morris Goldfarb is now the current CEO. The company went public in 1989. Throughout the last 10 years in particular, GIII has undergone aggressive expansion including expanding its licenses and acquiring the other businesses. The company has proven itself capable of buying businesses at a reasonable price and integrating new businesses into its existing. This skillset will serve them well as they continue to seek acquisitions to complement its organic growth. The company has zero debt of any kind, and current assets of $379M including cash of $10M. A Value Investor is unlikely to consider investing in a company that doesn generate good Free Cash Flows. Looking at the financials closer, in its fiscal year ending Jan 31st 2011, GIII reported a Free Cash Flow of negative $ 48M, against a reported net income of $57M. The biggest changes were the change in inventory which we give them the benefit of the doubt on we will interpret that as positive in that they are growing, and the inventories they need to purchase to meet demand keeps rising. The other biggest change was the accounts receivable which has gone from negative $4M in FY 2010 to negative $65M in FY 2011. This increase in accounts receivable is huge perhaps prior to FY 2011 the company did not offer its products on credit, and the change in strategy has only just started in FY 2011. Accounts payable is also increasing, so perhaps it is just a sign of the times for the business more things are sold and bought on credit. But regardless, GIII lack of Free Cash Flow is a serious concern. To the end of July 2011, GIII Free Cash Flow is even worse, raising a big red flag on the consideration of GIII as an investment. Without