(Filed Under Financial and General Interest News). Delta Galil reported first quarter earnings of $7.4 million on sales of $334.5 million compared to a profit of $5.6 million on sales of $315.7 million in the same period last year.

As it announced its financial results, the company also said it had hired former chief merchandising officer of Macy’s, Tim Baxter, as the CEO of Delta Galil Premium Brands (the division which includes apparel labels 7 For All Mankind and Splendid).

Declared Delta’s CEO Isaac Dabah, “We’re pleased to be off to a solid start to 2018. First quarter sales rose in most segments, particularly Schiesser and Delta Israel, while profitability benefited from rising EBIT margins at Delta Israel and Delta Premium Brands. The investments we made in our business over the last two years have put us in a stronger position today, and we’re seeing steady and diversified growth. We expect to continue on a solid track, and with a strong balance sheet in place, we have the funds necessary to take advantage of the right market opportunities as they arise.”

“Looking ahead, we will continue to pursue growth both organically and through acquisitions – with a sharp focus on driving innovation, excellence and shareholder value.”

Delta “reaffirmed its 2018 financial guidance, excluding one-time items and the acquisition of Eminence,” noting that “full-year 2018 sales are expected to range between $1,400 million-$1,440 million, representing an increase of 2%-5% from 2017 actual sales of $1,368.1 million.” The company added, “full-year 2018 net income is expected to range between $54 million-$59 million, representing an increase of 7%-16% from 2017 actual net income of $50.7 million.”

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Published 05-16-2018 by -