(Filed Under Financial and General Interest News). Delta Galil sales in 2019 rose 13% to an “all time high” of $1.690 billion, from $1.498 billion in 2018. Fourth quarter sales jumped 11% to $504.8 million, up from $454.3 million in the same quarter last year.
Net income for the year rose 20% to 57.7 million, up from $48.2% in 2018, while income for the fourth quarter jumped 44% to $35.6 million, up from $24.7 million in 2018.
CEO Isaac Dabah explained, “Our results were primarily driven by the strength of our Global Upper Market, Delta Israel and European Brands, coupled with our diverse blend of product categories and business segments. We continued to invest in our online sales growth engine, which presented double-digit e-commerce growth. We recently consummated the acquisition of online bra-fitting technology leader Brayola as part of our online expansion strategy. Our Vietnam factory turned profitable during the fourth quarter, and we expect that to continue into 2020.”
“During the year, we focused on consolidating the recently acquired intimate apparel leader Bogart Group into our business, and its performance exceeded our expectations. Additionally, the acquired men’s underwear leader Eminence continues to be a contributor to Delta European Brands – along with our overall growth – and we have begun cross-selling Eminence and Schiesser.”
“Looking ahead,” he continued, “we remain focused on strengthening our product assortment with Bogart’s lingerie capabilities. We intend to introduce Bogart products to Delta customers, while leveraging Bogart’s relationships to introduce Delta products to their major customers. We also plan to grow the Eminence ladies and kids products, while using the European Brands infrastructure for selling Delta products.”
Delta Galil said it “estimates the negative impact of the Corona virus on its first half of 2020 and annual EBIT to range between $5-7 million.” Taking that into account, “Full-year 2020 sales are expected to range between $1,740 million-$1,770 million, representing an increase of 3%-5%, from 2019 actual sales of $1,690.2 million.”
“Full-year 2020 net income is expected to range between $57 million-$62 million, from 2019 actual net income of $60.2 million.” — NM
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