Delta Galil Industries Ltd., an Israeli apparel company, late Sunday reported fourth-quarter net income of $37.8 million, compared to $37.7 million last year.
Earnings per share were $1.31, down from $1.35 a year ago. The prior year's adjusted earnings were $37.4 million or $1.34 per share.
EBIT before non-core items was $56.2 million, or 11.0 percent of sales, compared to $56.9 million, or 10.5 percent of sales, for the same period last year.
Gross margin improved 340 basis points from last year to a fourth quarter all-time record of 43.1 percent.
Sales, meanwhile, fell 7 percent to $508.6 million from $544.4 million a year ago, due to continued slowdown in global consumer spending.
Fourth-quarter online sales of the company's own brands increased 16 percent.
Looking ahead, Isaac Dabah, CEO of Delta Galil, said, "We expect the macro environment to remain challenging in 2024, but we believe we are well positioned to achieve year-over-year growth in revenue and profitability driven by the strength of our brands, our advanced manufacturing and design capabilities, and our strong balance sheet and financial position."
For fiscal 2024, the company projects net income of $99.1 million to $114.7 million, up from last year's $91.6 million. Earnings per share is expected to be $3.52 to $4.11, higher than last year's $3.25.
Sales for the year are expected to be $1.95 billion to $2.03 billion, higher than last year's $1.86 billion.
Based on Delta Galil's order book and projections, growth in 2024 is expected to materialize mostly in the second half of the year.
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