The Israeli textile group Delta Galil Industries Ltd. achieved record results in the 2021 financial year, not least thanks to a strong final quarter. On Tuesday, the parent company of the Schiesser underwear brand announced that it had sales of 1.95 billion US dollars (1.72 billion euros) last year. Compared to 2020, this means an increase of 35 percent. In the fourth quarter, the growth rate was 26 percent, exceeding expectations. The company’s own e-commerce developed particularly dynamically, with annual revenues increasing by 66 percent to USD 253.6 million.
The growth in earnings was even stronger: Adjusted for special effects such as restructuring costs and value adjustments, earnings before interest and taxes (EBIT) reached 188.1 million US dollars and were thus more than tripled compared to the previous year (+282 percent) . The bottom line was that the numbers were back in the black: net profit was 120.3 million US dollars (106.0 million euros), after the textile company had to accept a loss of 40.5 million US dollars in 2020. Adjusted for one-time factors, net income jumped from $3.8 to $114.2 million.
For the current financial year, the company continues to forecast sales growth of seven to nine percent to between 2.082 and 2.135 billion US dollars. However, the profit expectations were formulated a little more optimistically: The company is now targeting a net result in the range of 138 to 145 million US dollars. The target corridor had previously been between 133 and 145 million US dollars.
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