What happened Shares of G-III Apparel (NASDAQ: GIII) have popped today, up by 12% as of 1 p.m. EDT, after the company reported first-quarter earnings. The apparel specialist also said it would restructure its retail operations. So what Revenue in the fiscal first quarter came in at $405.1 million, missing the consensus estimate of $407.8 million in sales. That translated into an adjusted net loss of $36 million, or $0.75 per share. Analysts were expecting the apparel maker to lose $0.67 per share on an adjusted basis. Image source: Getty Images. "We took proactive steps in response to the COVID-19 outbreak," CEO Morris Goldfarb said in a statement. "We reduced our inventory exposure, furloughed a large portion of our employee base and implemented significant temporary reductions in pay for our senior management and employees." Now what G-III is not providing any guidance due to macroeconomic risks related to the coronavirus outbreak. However, investors cheered the company's efforts to cut costs by restructuring its retail segment. G-III will close 110 Wilsons Leather and 89 G.H. Bass locations, hiring Hilco Global to assist in liquidating the stores. Goldfarb believes that the move will allow G-III to reduce its losses while shifting focus to the company's wholesale business, which generated $2.9 billion in net sales last fiscal year. "Our wholesale business, anchored by our five global power brands: DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld, will continue to be the primary growth and profit engine for the Company," the chief executive added. G-III expects to incur $100 million in restructuring charges related to lease terminations, severance costs, and other related expenses. 10 stocks we like better than G-III Apparel GroupWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and G-III Apparel Group wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool owns shares of G-III Apparel Group. The Motley Fool has a disclosure policy.Source