(Filed Under Financial and General Interest News). Delta Galil sales rose 2% while net income fell 12% in the first quarter.

For the three months ended March 31, 2016 the company earned $7.9 million on sales of $256.7 million compared to $8.9 million on sales of $252.8 million in the same quarter last year.

As it reported the quarter, Delta also reaffirmed its 2016 financial guidance noting “full-year sales expected to range between $1,090 million-$1,110 million, rising 1%-3% from 2015 actual sales. Full-year 2016 diluted EPS is expected to range between $1.93-$2.02, representing an increase of 2%-7% from 2015 actual EPS of $1.88.”

“Our 2016 first quarter results were in line with expectations,” declared CEO Isaac Dabah, “reflecting a moderate top-line growth and a double-digit increase in operating profit before the effect of hedging. During the quarter, we began to benefit from investments made in 2015 to improve our business, as we saw a significant increase in Delta U.S.A.’s operating profit and meaningful improvements in our global upper market performance resulting from efficiencies in our owned factories.”

“Our diverse blend of business segments, product categories and an expanded global presence, along with our strategic efforts to grow in areas such as branded products, continue to drive both growth momentum and balance,” Dabah continued. “We were pleased with the successful launch of the Puma brand license in Israel during the quarter, and will continue to expand our prominent portfolio of licensed brands by pursuing additional strategic acquisitions.”

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Published 05-16-2016 by Nick Monjo