(Filed Under Financial and General Interest News). Net income at Delta Galil rose to $18.945 million on sales of $483.873 million in the first quarter, compared to earnings of $15.081 million on sales of $416.135 million in the three months ended March 31, 2021.
CEO Isaac Dabah noted that the results “marked five consecutive quarters of record quarter revenue and seven consecutive quarters of record quarter operating margins. We delivered record quarterly EBIT and net income, driven by higher sales across all geographic regions, successful execution of our innovation-driven growth strategy, and benefits from operating leverage. We maintained strong gross margins despite rising freight and production costs.”
“Looking ahead, our profitable growth trajectory, strong balance sheet and global workforce position us to meet our customers’ growing demands, while effectively managing our cost structure.”
The company, which owns the Bare Necessities website, noted that “owned e-commerce website sales declined 22% in the first quarter of 2022, to $54.9 million, compared to $70.8 million in the first quarter of 2021. The decrease was primarily due to a decline in web traffic as customers shifted back to stores.”
Looking ahead at the full year 2022, “sales are expected to range between $2,082 million and $2,135 million, representing an increase of 7% to 9% compared to 2021 sales of $1,951 million.” Meanwhile, “full-year 2022 net income is expected to range between $138 million and $145 million, representing an increase of 11% to 17% compared to 2021 net income of $124.2 million.”
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