(Filed Under Financial and General Interest News). Fourth quarter sales fell 1% at Delta Galil, but jumped 16% for the full year. Net income was up 8% in the quarter, but fell 6% for the twelve months.
Delta earned $20.071 million on sales of $371.637 million in the quarter ended December 31, 2017 compared to $18.547 million on sales of $376.315 million in the same quarter in 2016. The firm earned $48.959 million on sales of $1.368 billion in all of 2017, compared to $51.902 million on sales of $1.179 billion in 2016.
The company said that for 2018 sales were “expected to reach” $1.4 billion to $1.44 billion.
Declared CEO Isaac Dabah, “The results reflect the strength in our Global Upper Market and Schiesser business and the positive contribution of our recently acquired business (Delta Galil Premium Brands) – all demonstrating the strength of our diversified portfolio. We continue to focus on driving both organic growth and accretive acquisitions, and seek new opportunities to apply our competitive and financial strengths to deliver shareholder value.”
“Our recently acquired Delta Galil Premium Brands (DGPB) segment continued to be a strong contributor to sales throughout 2017, and remains an exciting growth opportunity looking ahead. We have several strategic initiatives and category expansions in place for 2018 that are intended to maximize growth opportunities within that segment.”
“Throughout the year, we focused on making meaningful changes to the company that will improve our efficiency and production capacity and best position us to develop the most innovative, high quality products for our customers worldwide. We also enhanced our focus on e-commerce, and increased top-line growth to key customers, as well as our proprietary brands.”
“As always, we remain committed to investing in new products and resources to drive sustained profitable growth and long-term shareholder value and, with a strong balance sheet, we have the necessary financial resources to continue to innovate and grow -- both through organic means and strategic acquisitions.”
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