ISRAEL: Delta Galil books Q3 gains as Jones talks continue
- Q3 profit jumps 19% to $7.7m
- Sales climbed 9% to $184.8m
- Jones jean talks to close by year-end
Apparel and lingerie maker Delta Galil Industries Ltd yesterday (10 November) said talks to buy Jones Group's jeanswear division are taking longer than the initial one-month timeframe, but the deal is likely to be finalised by the end of this year.
Speaking as the company booked a 19% jump in third quarter profit, Delta Galil CEO Isaac Dabah said "The negotiations with the Jones Group and the banks are continuing. We currently expect that the transaction will be finalised by the end of this year."
The Israeli company, which specialises in intimate apparel, underwear, bras and socks, children's wear, leisurewear and nightwear for customers including Marks & Spencer, Target, Wal-Mart, JC Penney, Calvin Klein, Nike and Hugo Boss, said third quarter profit rose to $7.7m, up from $6.5m the year before.
Higher gross profit and a stronger margin contributed to this rise. Gross profit in the quarter was $37.2m or 20.1% of overall sales, up 11% on last year's $33.4m or 19.7% of sales.
Revenues were also up, climbing 9% to $184.8m from $169.7m, with growth in North America, Europe, the UK and Israel.
Dabah put the gains down to "our continuing focus on innovation and enhanced customer service" - including its seamless shapewear and sportswear business. "In addition, we saw significant growth in our performance sport socks in Europe, as well as in our upper market business in lingerie and men's underwear," he added.
Shares in Wal-Mart de Mexico y Centroamerica plummeted this week as allegations the company bribed officials to speed up store openings prompted many shareholders to offload the stock at a rate of kno...
Retail giant Wal-Mart is focused on improving returns from international markets where it already has a presence, rather than entering new countries, according to Doug McMillon, CEO of the retailer's ...
German lingerie group Schiesser AG has cancelled its IPO after being acquired by Israel-based intimate and seamless apparel maker Delta Galil in a deal worth EUR68m (US$90m)....
Designer Karen Neuburger is to make a return to her namesake sleepwear brand after three years, as part of a deal with apparel maker Delta Galil Industries Ltd, which owns the line....
Mexico's attorney general has launched an investigation into allegations Wal-Mart Stores' local unit bribed officials to make it easier to open stores in the country. ...
Top stories on just-style this week include a report on a fake Primark store opened in Dubai, the prospects for Burma as a production base, and a look at the corruption claims at Wal-Mart Mexico. ...
Two US Congressmen have written to request a meeting with Wal-Mart chief executive after reports emerged that it covered up some US$24m in bribes used to clear the way for store openings. ...
Wal-Mart de Mexico y Centroamerica saw its share price hit yesterday (24 April) as it saw first-quarter margins hit and the market reacted to the news that it was being investigated for possible bribe...
- The difference between compliance and safety?
- Central America must make better use of DR-CAFTA
- How M&S plans to revamp its clothing business
- Yarn-forward rules weigh on Vietnam TPP potential
- Is China really going through a slump?
- US Q1 in brief – Guess, Burlington Stores, Sears
- Gap accused of rights violations in supply chain
- BHS supplier Courtaulds Brands in administration
- Nike management changes to drive innovation
- Social responsibility key to winning millennials
- Victoria's Secret Stores, Inc.: Retailing - Company Profile & SWOT Analysis
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel Accessories in Hong Kong, China
- Nike Inc in Apparel and Footwear (World)
- Practical Price Negotiation for Apparel Sourcing Professionals