Israel-based Delta Galil Industries Ltd. has come out with its financial results for the fourth quarter and full year ended December 31, 2017.
The global manufacturer and retailer of branded and private label apparel products for men, women and kids, has reported an 8 per cent increase in its net income to US $ 20.1 million in the fourth quarter as compared to US $ 18.5 million in the corresponding period of 2016.
The apparel company, however, witnessed a 1 per cent decline in its sales to US $ 371.6 million during the reporting quarter from US $ 376.3 million that it secured in the same period of 2016.
Interestingly, sales for the full year 2017 remained far better with 16 per cent increase to US $ 1,368.1 million from US $ 1,179.2 million in 2016.
Delta Galil’s net income during the reporting quarter increased by 8 per cent to US $ 20.1 million as against US $ 18.5 million in the same quarter last fiscal.
Meanwhile, net income for the full year 2017 dropped by 6 per cent to US $ 49.0 million as compared to US $ 51.9 million in 2016.
The company now expects to note a 2-5 per cent increase in its sales to around US $ 1,440 million in 2018. Further, net income for the full year is expected to range between US $ 54 million and US $ 59 million, marking an increase of 7-16 per cent over 2017’s net income of US $ 50.7 million.