Delta Galil Industries, an Israel based manufacturer of branded and private label apparel products, reported 14 per cent sales decline to $1.44 billion in its fiscal 2020 ended on December 31, 2020 compared to sales of $1.69 billion in the previous fiscal. The company incurred a net loss during FY20 of $40.5 million (FY19: net income $57.7 million).
“Without a doubt, 2020 represented an unprecedented year for Delta Galil, as Covid-19 forced us to rethink ways in which we conduct business. I am pleased with our agility to respond to the pandemic and implement the necessary initiatives to reduce costs and improve our operational and financial flexibility,” Isaac Dabah, CEO of Delta Galil, said in a press release.
Gross profit for the year fell 13 per cent to $523.7 million ($604.1 million). The company’s operating loss was $7.1 million ($103.7 million). However, e-commerce own websites sales increased 130 per cent to $152.5 million for FY20.
“Throughout the year, we remained committed to pursuing growth online both on our own site and through our Internet customers. As we previously announced, Delta acquired online intimates retailer Bare Necessities, which enhances our presence in the digital world,” Dabah said.
Fibre2Fashion News Desk (JL)
Delta Galil Industries, an Israel based manufacturer of branded and private label apparel products, reported 14 per cent sales decline to $1.44 billion in its fiscal 2020 ended on December 31, 2020 compared to sales of $1.69 billion in the previous fiscal. The company incurred a net loss during FY20 of $40.5 million (FY19: net income $57.7 million).