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A look from Tommy Hilfiger. Nearly Nude at D2. Tommy Hilfiger at Delta Galil. Tommy Hilfiger at D2.
A look from Tommy Hilfiger.

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Nearly Nude at D2.

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Tommy Hilfiger at Delta Galil.

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Tommy Hilfiger at D2.

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current news

Delta’s Q1 Sales Up 23%, Profits Down 29%


(Filed Under Financial and General Interest News). Sales at Delta Galil, which now includes several businesses acquired from VF last year, rose by 23% in the quarter ended March 31. Meanwhile, net income plummeted by 29%.

In the first quarter the company earned $5.589 million on sales of $315.681 million compared to net income of $7.889 million on sales of $256.687 million for the three months ended March 31, 2016.

Last June Delta announced it was acquiring the businesses and brands of 7 For All Mankind, Splendid and Ella Moss for $120 million. At the time it stated “The acquisition is projected to add over $300,000,000 in Delta Galil’s top line annual sales and is expected to be accretive to Delta Galil’s earnings in 2017.”

As the quarterly results were published, Isaac Dabah, CEO of Delta, declared, “We are pleased with the continued strength of our diversified business model. Our first quarter results were in line with our plan, and consistent with Delta’s historical performance of generating higher profits in the second half of the year.”

“During the quarter, we made meaningful changes in our company that will improve our efficiency and production capacity. We started to run our Vietnamese factory with 750 new employees, and are on track to have our first orders shipped in April 2017. We expect the facility to reach full operational status in 2018.”

“Also during the quarter, we signed a licensing deal with Calvin Klein Inc. to develop, produce and distribute boys and girls underwear, sleepwear and socks for the brand. This represented an important step in our ongoing strategy of enhancing our branded portfolio and broadening our presence in the premium sector.”

“We continue to have a strong balance sheet to support our acquisition strategy, and we remain focused on growing our global business segment, while attaining strong EBITDA growth in 2017 and beyond.”

The company stated “Full-year 2017 sales are expected to range between $1,330 million-$1,370 million, representing an increase of 13%-16% from 2016 actual sales of $1,179 million.” It added that “Full-year 2017 net income is expected to range between $50.0 million-$52.0 million, representing an increase of 6%-10% from 2016 actual net income of $47.2 million.”

The company stated its net income results for the first quarter were negatively impacted by “one-time items,” and that “Net income excluding one-time items was $7.2 million for the 2017 first quarter, representing an 8% decrease from $7.9 million in the first quarter last year.”

“The results reflect a stronger gross margin offset by higher marketing and other expenses including negative impact of foreign currency translation.”

Referring to its sales for the quarter the company explained, “The increase was primarily driven by the addition of Delta Premium Brands.” — NM


more Financial and General Interest News >>

Published 05-31-2017 by Nick Monjo

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