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Delta Galil: $85.34M Profit, Sales Of $1.86B

(Filed Under Financial and General Interest News). Delta Galil earned $85.34 million on sales of $1.86 billion in 2023, compared to a profit of $115.38 million on sales of $2.03 billion in 2022.

In the three months ended December 31, the company earned $37.78 million on sales of $508.60 million, compared with $37.67 million on sales of $544.42 million in the same three months in 2022.

CEO Isaac Dabah explained that in 2023 the company ”made strategic investments to drive long-term growth opportunities. During the year we developed new innovative products for our global customers, added Florence by Mills to our rich brand portfolio, and acquired the Passionata brand. In addition, we focused on enhancing profitability by improving efficiencies and realigning our manufacturing capabilities.” He added that “sales in our DTC channel grew across all reporting segments, demonstrating the strength of our brands.”

Looking ahead he stated, “we expect the macro environment to remain challenging in 2024, but we believe we are well positioned to achieve year-over-year growth in revenue and profitability driven by the strength of our brands, our advanced manufacturing and design capabilities, and our strong balance sheet and financial position.”

For the full year, Delta Galil is predicting a possible return to the $2 billion sales mark, which it achieved for the first time in 2022. It provided guidance that “excludes non-core items” and several other variables, stating sales could be in the range of $1.951 billion to $2.031 billion, with net income ranging from $99.1 million to $114.7 million. ­— NM

more Financial and General Interest News >>

Published 02-29-2024 by Nick Monjo

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