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14th August 2019, Tel Aviv

Delta Galil drives continued momentum

Delta Galil is a leading manufacturer of apparel products for men, women and children. © Delta Galil Industries

Delta Galil is a leading manufacturer of apparel products for men, women and children. © Delta Galil Industries

Delta Galil Industries, a manufacturer and marketer of branded and private label apparel products for men, women and children, as well as leisurewear, activewear and denim, has reported net income of US$ 5.1 million for the second quarter ended on 30 June 2019. This compared to net income of US$ 6.5 million for the same quarter of 2018. Net income excluding one-time items was US$ 7.9 million in the second quarter of 2019, compared to US$ 9.1 million last year.

Net income for the first six months of 2019 totalled US$ 8.1 million, compared to US$ 13.9 million for the same period last year, a 42% decrease. Net income excluding one-time items for the first six months of 2019 was US$ 10.9 million, compared to US$ 16.6 million for the comparable period of 2018, a 34% decrease.

“We’re pleased with our second quarter results, as sales grew 10%, driven primarily by our Global Upper Market, Delta European Brands, and Delta Israel. During the quarter, we made several strategic investments in our business that I’m confident will drive continued momentum and growth,” commented Isaac Dabah, CEO of Delta Galil.

“This includes strengthening our management team with two key appointments. We named Steve Moore President of Delta Galil’s Mass Division, and Suzanne Silverstein President of 7 For All Mankind. Both will be instrumental in helping to build the company both in the US and globally.”

“Also to this point, we announced progress on a long-time goal of Delta’s – expanding our presence in the bra category – with the acquisition of intimate apparel leader The Bogart Group. We will begin consolidating Bogart results beginning in the third quarter of 2019.”

“We have a strong balance sheet in place and looking ahead, our healthy cash flow will pave the way for future growth."

The company reported a 10% increase in sales of US$ 373.9 million for the second quarter of 2019, compared to US$ 338.9 million for the second quarter last year. Sales for the first six months of 2019 also increased by 10% to US$ 739.3 million from US$ 673.4 million for the same period of 2018.

Operating profit increased by 27% to US$ 14.3 million in the second quarter of 2019, compared to US$ 11.3 million in the second quarter last year. Operating profit before one-time items increased 13% to US$ 17.2 million for the second quarter of 2019, compared to US$ 15.2 million for the same quarter last year. Operating profit for the first six months of 2019 was US$ 24.8 million, compared to US$ 25.3 million in the first six months of 2018, a 2% decrease. Operating profit excluding one-time items for the first six months of 2019 totalled US$ 27.6 million, compared to US$ 29.2 million for the comparable period of 2018, a 5% decrease.

EBITDA was US$ 37.3 million in the second quarter of 2019, up 63% from US$ 22.9 million in the same quarter last year. For the first six months of 2019, EBITDA was US$ 68.0 million, up 53% from 44.3 million in the same period of 2018.

www.deltagalil.com

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