• Q1 profit jumped 69% to $6.7m
  • Sales increased 35% to $227.3m
  • Gross margin improved to 25%

Israel-based apparel business Delta Galil has reported a 69% increase in first-quarter net profit, boosted by higher sales in all regions.

Net income reached US$6.7m for the three months to 31 March, up from $3.9m last year.

Sales jumped 35% to $227.3m, up from $168.1m in the same period the prior year, driven by gains in all geographic regions and higher sales to major customers in a broad range of categories as well as the acquisition of German lingerie group Schiesser Group.

Gross margin improved to 25% against 18.6% last year.

CEO Isaac Dabah said; "The company began 2013 on an extremely strong footing, delivering the highest first quarter sales in our history. We will continue to invest in product innovation, expanding our successful Schiesser acquisition and enhancing our capacity for continued profitable growth."

The company also expects its 2013 results to be at the higher end of its forecast range with profit forecast at $38m-40m and sales between $910m and $920m.