Delta Galil Industries, an Israeli producer of branded and private label apparel products, increased sales by 31% to $501.1 million in the third quarter (Q3) of FY21, which ended on September 30, 2021, compared to the same period the previous fiscal. The company’s net income increased to $32.5 million in the third quarter (Q3 FY20: $19.5 million).
“We are very pleased with the strong growth in revenues and profitability in the quarter, which was represented in all of our business units and geographical areas,” Delta Galil CEO Isaac Dabah said in a press release. “As part of our strategy to strengthen our labelled investments, we signed a lengthy global licencing agreement with Polo Ralph Lauren for women’s intimates and sleepwear.” This collaboration adds significantly to our licencing portfolio, and we’re thrilled to be working with such an iconic and timeless brand. It is a massive step forward in our strategic approach of collaborating with leading global brands, and it follows our recent international licencing agreements with Adidas and wolford.
“We maintained our focus on digital innovation during the quarter.” We are now in the process of launching our own brands through our digital channel, thanks to our merged Bare Necessities and Brayola system. We have fascinating plans to expand this area, and we anticipate that sales and profitability will increase over time,” Dabah added.
“We have steady provisions in place, a strong financial position, and operating income, all of which spot us well to maintain the future growth we experienced this quarter,” Dabah concluded in the release.
Net income is expected to be between $113 million and $117 million for the fiscal year (previous guidance: $96 million to $104 million).
