ISRAEL: Delta Galil books 23% jump in Q2 profit
- Q2 profit rose to $5.6m from $4.5m
- Sales climbed 2% to $160.2m from $156.7m
- Gross profit rose 11% to $32.7m
Intimate apparel specialist Delta Galil Industries Ltd has managed to shrug off softness in the US mass market to book a 23% jump in second quarter profit.
The Tel Aviv based firm, which makes ladies' intimate apparel, socks, men's underwear, baby-wear and leisurewear, said an improved performance in its Global Upper Market and Delta Israel segments helped offset a slowdown in the US Mass Market, where sales fell 10% to $69.6m and it swung to an operating loss of $1.7m.
An increase in selling prices to cover higher cotton costs is expected to help this unit become profitable in the second half of the year.
Global Upper Market sales increased 4% to $71.2m and operating profit soared 60% to $7.2m on higher sales and more innovative products. Profit margins were boosted by higher production volume and profitability of the company's plants.
Sales of Delta Galil Israel rose 28% to $21.5m and operating profit jumped by 42% to $3.6m, with growth helped by the launch of the first Delta Galil Kids stores this year.
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