Delta Galil Industries, an Israel based manufacturer of branded and private label apparel products, has announced its third quarter (Q3) FY20 financial result ended on September 30, 2020. Sales during the quarter fell 14 per cent to $382.9 million (Q3 FY19: $446.1 million). However, company’s net income rose to $19.5 million ($14.0 million).
“Our results this quarter were driven by a strong performance in Delta European Brands and Delta Israel, coupled with initial benefits reaped from our strategic restructuring plan announced last quarter, as well as additional cost savings initiatives,” Isaac Dabah, CEO of Delta Galil, said in a press release.
Gross profit for the reported quarter was $146.0 million ($152.3 million). Selling, general and administrative expenses dropped to $93.5 million ($106.4 million). Company’s operating income for Q3 FY20 improved to $33.6 million ($26.7 million). Delta Galil reported that it’s e-commerce own websites sales nearly doubled, with a 97 per cent growth.
“Looking ahead, we continue our ongoing focus on driving innovation and excellence to deliver sustained profitable growth and long-term shareholder value. And, with a strong balance sheet, we have the necessary financial resources to continue to innovate and grow,” Dabah said.
Fibre2Fashion News Desk (JL)
Delta Galil Industries, an Israel based manufacturer of branded and private label apparel products, has announced its third quarter (Q3) FY20 financial result ended on September 30, 2020. Sales during the quarter fell 14 per cent to $382.9 million (Q3 FY19: $446.1 million). However, company's net income rose to $19.5 million ($14.0 million).