Though there was a decline in profits last quarter, the G-III Apparel Group exceeded its top-and bottom-line guidance for the period and raised its outlook for the year.

For the second quarter ended July 31, G-III’s net income declined to $16.4 million, or $0.35 per diluted share, compared to $36.3 million, or $0.74 per diluted share in the prior-year period.

However, there was a 9 percent net sales gain to $659.8 million last quarter, from $605.2 million in the year-ago period.

“We once again beat both our top and bottom line guidance and made progress on our strategic priorities,” Morris Goldfarb, G-IIII’s chairman and chief executive officer, said in a statement Thursday, addressing the second quarter.

For the first half of the year, “Our performance further validates G-III’s ability to successfully navigate what remains a dynamic environment. I am immensely proud of our team’s consistently strong execution.”

The results and the outlook lifted the stock price by over 17 percent, or $3.40, in pre-market trading Thursday, to $22.70.

Also on Thursday, Goldfarb disclosed G-III’s newest license agreement with HanesBrands to produce an outerwear collection for the Champion brand.

“Our collection will feature quality heritage pieces that complement and enhance Champion’s principles of self-expression,” Goldfarb said in his statement. “This license aligns with G-III’s core competencies in outerwear and will fit seamlessly into our well-developed outerwear divisions.”

Earlier this year, G-III inked a 25-year master license agreement with Xcel Brands to produce men’s and women’s products under the Halston brand. Between that deal, Champion and the planned expansion of Donna Karan and Karl Lagerfeld, as well as a previously-announced licensing deal with Nautica, G-III is moving to  fill the void eft by Tommy Hilfiger and Calvin Klein as PVH Corp. gradually takes back control over those licenses. 

For the year, the company forecasts net sales of about $3.3 billion and net income of $145 million to $150 million.

That’s ahead of the previous forecast for $3.29 billion in revenues and profits of $132 million to $137 million.

Last year, the company generated sales of $3.23 billion and a net loss of $133.1 million, or $2.79 per share. Those results included a $291.5 million non-cash goodwill impairment charge, net of tax.

For the third quarter of this year, G-III forecasts net income of between $94 million and $99 million, or $1.99 to $2.09 per diluted share.

G-III operates a large portfolio of owned brands including DKNY, Donna Karan, Karl Lagerfeld, Vilebrequin, G.H.Bass, Eliza J., Jessica Howard, Andrew Marc, Marc New York, Wilsons Leather and Sonia Rykiel.

Aside from Calvin Klein, Tommy Hilfiger, Nautica, Halston and Champion, G-III’s Fashion licenses include Kenneth Cole, Cole Hahn, Guess?, Vince Camuto, Levi’s, and Dockers. The company also has several licenses with professional sports organizations such as the National Football League and the National Basketball Association, and others.