(Filed Under Financial and General Interest News). Delta Galil reported a profit of $23.74 million on sales of $459.68 million in the fourth quarter. But for the year, the company lost $40.52 million on sales of $1.446 billion.
In the fourth quarter last year the company reported a profit of $35.57 million on sales of $504.76 million. In the full year 2019, Delta Galil earned $57.70 million on sales of $1.690 billion.
CEO Isaac Dabah said of the results, “I am pleased with our agility to respond to the pandemic and implement the necessary initiatives to reduce costs and improve our operational and financial flexibility. Consequently, we saw record gross and EBIT margins in the fourth quarter, and record operating cash flow for the year, demonstrating a strong combination of Delta’s rapid online expansion, coupled with the strength of our brands, loyal customer base, and the effects of our strategic efficiency measures, which we foresee continuing in the future.”
“Throughout the year, we remained committed to pursuing growth online both on our own site and through our internet customers. As we previously announced, Delta acquired online intimates retailer Bare Necessities, which enhances our presence in the digital world. We ended the year with strong online sales, and we will continue to look for new ways to excel digitally.”
“In addition, we are pleased to update on the successful IPO completion of Delta Israel Brands (ticker symbol DLTI.TA), our Israeli subsidiary, which raised $80 million in a post money valuation of $400 million from leading Israeli institutional investors. With a strong management team in place, and a solid financial performance this past year, this IPO represents an important achievement and a natural step in the evolution of Delta Israel Brands as a leading brand in Israel for underwear, pajamas, and leisure wear for the entire family.”
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