Israel's Delta Galil's sales grow 8% in Q2FY22

The company’s website sales in the second quarter of 2022 declined 15 per cent to $53.7 million, compared to $63.4 million in the prior-year period, following a shift in consumer behavior back to physical retail locations as stores reopened after COVID-19 related lockdowns. Own website sales in the first half of 2022 declined 19 per cent to $108.5 million, compared to $134.1 million in the prior-year period.

Excluding Bare Necessities, which was acquired in October 2020, own website sales in the second quarter and first half of 2022 increased by 93 per cent and 100 per cent, respectively, compared to the same periods in 2019, the company said in a press release.

“Positive momentum continued across many aspects of our business and we produced record second quarter and year-to-date financial results. Our record results reflect the powerful and diversified platform we have built, our innovative products, compelling brands, broad customer base and the successful execution of our growth strategy. We remain focused on maintaining robust levels of profitability as we successfully control operating costs and leverage our SG&A expenses,” Isaac Dabah, CEO of Delta Galil, said.

“We believe we are well positioned to successfully navigate the challenging retail environment while pursuing our long-term growth initiatives. In July 2022, as part of our global strategy to grow our digital presence and increase our focus on sustainable apparel and brands, we acquired Organic Basics, a digitally-native brand known for its sustainably and ethically made underwear, activewear and base layers. We see a significant opportunity to grow the Organic Basics brand globally, particularly in the US and Europe, and we are excited to launch an expanded collection of products in 2023. We are confident that our diversified business model, strong balance sheet and global workforce will position us to meet our targets, and we expect 2022 to be a record year for sales and profitability,” Dabah continued.

Fibre2Fashion News Desk (RR)