** Shares of fashion apparel firm G-III apparel GIII.O up 7% at $34.30 premarket

** Co raises its annual profit forecast despite Q1 earnings swinging to loss

** Expects annual adjusted EPS in the range of $2.15 and $2.25 vs previous forecast of $2.00 to $2.10

** Co maintains annual net sales forecast of $2.71 billion and notes loss of about $470 million of sales from Calvin Klein and Tommy Hilfiger products after loss of licenses

** Co, which announced a joint venture acquisiton of LVMH-owned fashion brand Marc Jacobs last month, logs Q1 net sales decline

** As of last close, stock up 10% YTD