(Filed Under wholesale Lingerie News). Delta Galil reported a loss of $53.3 million in the three months ending June 20, as sales fell 27% to $270.9 million. In the same period last year the company had net income of $5.1 million on sales of $373.9 million.
“While our second quarter results reflect the continued global impact of the COVID-19 pandemic,” explained CEO Isaac Dabah, “we are pleased to report that our financials were better than we expected as of last quarter. We finished Q2 with strong performance in direct-to-consumer e-commerce across all of our businesses, and we see strong recovery in brick-and-mortar sales in Israel, that presented a growth in May and June, and in our European brands. During the quarter, we initiated a significant strategic restructuring plan across all business units, which we expect to deliver efficiencies in our cost structure, operations and productivity starting already in Q3. We have a solid plan in place, a strong balance sheet, many of our customers are gradually recovering, and we continue to focus on developing new products to drive sustainable profitable growth and long-term shareholder value. We started the third quarter with strong results for July and expect to get back to profitability in the third quarter.”
The firm noted a “163% increase in company’s own websites sales,” during the period.
Looking ahead, Delta Galil stated it “does not currently anticipate declaring a dividend for the remainder of the fiscal year,” adding that “as a result of the global impact of COVID-19, and the continued uncertainty surrounding the pandemic,” it is “not providing financial guidance for fiscal 2020 at this time.” — NM
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