(Filed Under wholesale Lingerie News). Delta Galil 2022 net income slipped 4% to $115.38 million as sales rose 4% to hit $2.03 billion.
In the fourth quarter, the company earned $37.67 million on sales of $544.42 million, compared to net income of $45.47 million on sales of $577.99 million in the three months ended December 31, 2021.
CEO Isaac Dabah stated “We achieved record annual sales in 2022, driven by sales growth across all of our geographies and within all of our segments, on a constant currency basis.”
“While we expect challenging market conditions to continue throughout 2023, we believe we are well positioned to grow sales and improve profitability in the second half of the year. During 2023, we will continue to invest in our digital capabilities and further extend our leading private label offerings to iconic and digitally native global brands. We expect to launch new brands, such as Polo Ralph Lauren, and expand our existing brands globally. As part of our commitment to sustainability, we plan to launch an exciting new global collection at Organic Basics. Finally, we plan to further enhance our flexible global supply chain with a new factory in Vietnam and Egypt.”
The company reported that “e-commerce sales on the company’s own websites were $62.8 million in the fourth quarter, representing a 6% decrease (1% in constant currency), compared to $66.9 million in the fourth quarter of 2021. E-commerce sales on the company’s own websites for the full year decreased 13% (10% in constant currency) and amounted to $220.6 million, compared to $253.6 million in 2021. The decline followed a shift in consumer behavior back towards physical retail stores after Covid-19 related lock downs. Excluding Bare Necessities and Organic Basics, which were acquired in October 2020 and July 2022, respectively, sales on the company’s own websites in the fourth quarter and full year 2022 increased by 59% and 78%, respectively, compared to the same periods in 2019.”
For the full year 2023, Delta Galil provided financial guidance (which excluded “non-core items and includes IFRS 16 impact”) that predicts sales will range between $2.00 billion and $2.08 billion with net income ranging between $120.9 million and $130.2 million.
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