Delta Galil reports record sales numbers for fiscal 2015
Delta Galil on Wednesday reported the fourth quarter and full year financial results of its fiscal year ended December 31, 2015. The company reported increases in sales and performance numbers as well as financial guidance for fiscal 2016.
Net sales for the fourth quarter increased 3% to $287.1 million from $277.4 million in the fourth quarter of 2014. Net income for the quarter was $16.1 million, an increase of 5% from $15.3 million in the previous year.
For the full year, net sales increased 5% to a record $1,080.0 million from $1,031.9 million in 2014. The increase reflects top-line growth in all key demographic regions as well as the positive effect of the company’s diversified portfolio.
Isaac Dabah, CEO of Delta Galil, stated: “Our 2015 performance represented the sixth consecutive year of sales growth. We delivered a 10% increase in top-line in original currency.”
The net financial debt at December 31, 2015 was $74.5 million compared to $64.5 million in the previous year. The increased debt was due to the acquisition of P.J. Salvage, which amounted to $37.4 million. Equity as of the December 31, 2015 also increased to $357.5 million from $332.6 million.
Dabah added: “Among our key highlights during the year, we improved our performance at Delta USA and in the global upper market, and in addition we acquired the P.J. Salvage brand. We expanded our prominent portfolio of licensed brands with men’s and ladies underwear licenses for Columbia Sportswear, a sleepwear and intimates license for Juicy Couture, and an exclusive license for Puma sportswear brand products in Israel – all of which will contribute to our growth potential in future years.”
The company expects its full-year 2016 sales to increase 1% to 3% from 2015 and range between $1,090 million to $1,110 million. The diluted EPS is also expected to increase and range between $1.93 and $2.02, representing an increase of 2% to 7% from the 2015 EPS of $1.88.
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