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Delta Galil posts Q1 FY20 sales of $333 mn

Jun '20
Pic: Delta Galil/ 7 For All Mankind
Pic: Delta Galil/ 7 For All Mankind
Delta Galil, a US-based manufacturer of branded and private label apparel products, posted 9 per cent sales decline to $332.7 million in its first quarter (Q1) FY20 ended on March 31, 2020 compared to $365.3 million in same period prior year. Company incurred a net loss of $30.5 million during the quarter compared to net income of $3.0 million in Q1 FY19.
Operating loss for the reported quarter was $28.8 million compared to operating income of $10.4 million in Q1 FY19. Gross profit were $113.7 million (Q1 FY19: $130.3 million).
The company stated that despite the increase in sales due to the Bogart acquisition completed in July 2019, as well as rising web and e-commerce customer sales, its Q1 FY20 sales were adversely affected by the Covid-19 pandemic.
“These are truly unprecedented times, where our business and Q1 results have been significantly impacted by the Covid-19 pandemic. That said, we’ve seen a sustained increase in e-commerce sales in all of our operating segments, demonstrating the continued strength of our diversified business and omni-channel model,” Isaac Dabah, CEO of Delta Galil, said in a press release.

Fibre2Fashion News Desk (JL)

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