Delta Galil sells branded denim and apparel under the brand 7 For All Mankind (pictured). Credit: JHVEPhoto/Shutterstock.

Sales saw a 13% increase to $524.2m in Q3 FY24, compared with $463m in the same period last year, driven by the strong performance across all channels. Sales for the nine-month period saw a 7% increase. 

During the quarter ended 30 September 2024, net income rose by 9% to $32.0m, up from $29.5m in the third quarter of 2023. Diluted earnings per share were $1.16, compared to $1.09 in the prior year period. 

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In the first three-quarters of the month, the company’s net income surged by 37% to $65.1m, while net income excluding non-core items rose by 26% to $67.6m. 

A record gross margin of 41.6% was achieved this quarter, compared to 40.9% last year, due primarily to higher volume, favourable channel mix and improved factory efficiency. 

The company, which makes branded and private label apparel products for men, women and children, as well as leisurewear, activewear and denim, reported earnings before interest and taxes (EBIT) of $52.3m in Q3 FY24, increasing by 13% compared with $46.1m in the prior-year period due to higher sales and gross margin.  

EBITDA reached $60.5m, up from $53.2m in the same period of 2023. 

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The company reaffirms its 2024 guidance, supported by its strong year-to-date performance. Looking ahead, Delta Galil forecasts full-year sales between $1.99bn and $2.03bn and net income ranging from $106.9m to $114.7m. 

Delta Galil CEO Isaac Dabah said: “I am encouraged by the strong operating and financial results we have achieved through the first nine months of 2024. This is a testament to the diversified business model we have developed, the strategies we are pursuing and the talent of our global workforce.  

“During the third quarter, we published our 2023 ESG report highlighting our commitment to a greener, inclusive, and ethical world. We also announced a strategic partnership with Reliance Retail Ventures, the largest retail company in India that is aimed at driving growth and introducing our legacy of innovation within the intimate apparel sector to the Indian market.” 

In September, the company released its 2022-2023 ESG Impact Report. Some key achievements include no receipt of significant fines or non-monetary sanctions for non-compliance with environmental laws, used 34% of raw materials from recycled sources, increased renewable energy usage by 1% in 2023, employed 77% women in its workforce. 

The company achieved its target of 100% sustainable cotton and recycled polyester usage by 2025, increase use of sustainable blends. It aims all its owned facilities to join the Higg FEM and reach Level 2 by next year.