G-III Apparel on Tuesday raised its full-year earnings forecast on the back of better-than-expected earnings in the third quarter, which also saw the U.S. firm's sales drop 9% to $988.6 million.

The New York-based firm logged earnings of $80.6 million, or $1.84 per diluted share during the three months ending October 31, compared to $114.8 million, or $2.55 per diluted share, in the prior year’s third quarter.

While profits were lower than the same period last year, the owner of Karl Lagerfeld , Sonia Rykiel , and DKNY brands, "delivered a strong third quarter with gross margins and earnings far exceeding our expectations," according to said Morris Goldfarb , G-III’s chairman and chief executive officer.

"This was driven by the strength of our go-forward portfolio, particularl

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