ISRAEL: Delta Galil Q4 profit up 5% in “milestone year”
- Q4 net income rises 5% to US$24.5m
- Q4 sales up 4% to $255.9m
- Company targets $1bn revenue in 2014
Apparel business Delta Galil is targeting US$1bn in revenues in 2014 after closing last year with a 5% rise in fourth quarter profit.
Gross profit margin moved up to 32.1% from 28.8% in the last quarter of 2012, closing a strong year in which the Israeli company posted a 19% revenue rise (9% on an organic basis) to $974.7m, with net profit up 30.5% to $44.1m.
Hailing 2013 as a “milestone year”, Delta Galil CEO Isaac Dabah said: “Our top-line growth in 2013 was broadly diversified, with particular increases in activewear, socks and seamless categories.
“We also experienced growth with key customers, increased our branded business, and prepared to enter a promising new channel for Delta Galil – wholesale clubs.”
Dabah highlighted an 84% sales increase in Germany as a result of the company’s acquisition of Schiesser, and predicted that 2014 would be the first year of $1bn-plus revenues.
Delta Galil is forecasting full-year sales of $1,035-1,065m, with net income of $49-54m.
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