ISRAEL: Delta Galil posts 29% Q3 profit growth
- Q3 net income rose 29% to US$10m
- Sales grew 27% to $234m
Delta Galil has seen its third-quarter net income jump 29% as the Israel-based lingerie manufacturer booked record sales.
The company today (8 November) said net income, excluding one-time gains, rose to US$10m over the three months to 30 September. Sales grew 27% to $234m. The company attributed the sales gains to its acquisition of the Schiesser Group in July and strong performances in the North American mass and upper market channels.
"The company's solid performance in the 2012 third quarter and strong financial matrix reflects highly focused, transformational strategies that have broadened our global reach, diversified our customer base and distribution channels and expanded our portfolio of branded products," said Delta Galil CEO Isaac Dabah.
"The Schiesser acquisition, in particular, has added new markets, including Europe, while delivering a higher EBIT margin.
"With a strong and diversified portfolio of four business segments, we are also increasing our business with a wide range of existing customers and are adding new customers.
"At the same time, we are continuing to invest in product innovation and marketing, while pursuing operational efficiencies. The net effect of these measures has been a record level of quarterly sales, sharply rising profits, and a greater ability to enhance shareholder value through our recently announced share buyback, as well as dividends."
Strong sales in Europe and the acquisition of German lingerie group Schiesser have helped Israel-based underwear and sock maker Delta Galil Industries to book a 66% jump in fourth-quarter profit....
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