(Filed Under Financial and General Interest News). Delta Galil is off to a great start in 2014. First quarter net income soared to $9.3 million, 40% above the same quarter last year, while sales also rose, and the company raised its sales guidance for the full year — now even further above the $1 billion mark than it had originally predicted.

Delta’s sales for its first quarter ended March 31, 2014 rose 5% to $238,074,000 from $227,255,000 in the same period last year, while net profit grew by $9,330,000 from $6,656,000.

The company raised its financial guidance for the full year, predicting sales would be “$1,045 million-$1,075 million, up from prior forecast of $1,035 million- $1,065 million.”

Isaac Dabah, CEO of Delta Galil, stated: “We delivered our 18th consecutive quarter of organic sales increases and generated record earnings, driven by diverse growth engines such as branded products, active wear and our retail business. Our top-line performance was highlighted by rising sales in Germany and rest of Europe, and stable results in North America. We are enthusiastic about our prospects for the balance 2014.”

“Delta Galil has a solid base for sustained profitable growth,” Dabah continued. “Our business is well diversified across geographies, branded and private label categories, and the upper, mid-tier and mass market segments. The balance sheet at the end of the first quarter was solid, with nearly $329 million in equity and a strong cash position. During the 2014 first quarter we invested in future growth, with capital expenditures dedicated to two socks joint ventures, additional manufacturing capacity, and our Schiesser and Israel-based retail stores.”

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Published 05-19-2014 by -