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current news

Delta Apparel Revenues Drop 38.5%


(Filed Under Financial and General Interest News). Delta Apparel Inc. called its $107.9 million net sales record-breaking for the first quarter ended October 2: an 8.9 percent increase from last year’s first quarter results.

Net income, however, fell 38.5 percent; to $1.6 million, or 19 cents per diluted share, from $2.6 million, or 30 cents per diluted share, which the company attributed to costs related to the acquisition of The Cotton Exchange on July 12, as well as expenses from the start-up of the marketing of Art Gun. Other factors driving the company’s income down were volatile cotton prices and a weak marketplace.

“The first quarter was marked by several strategic investments aimed at accelerating growth in some of our recently acquired businesses,” Robert Humphreys, chairman and CEO of the activewear and casual apparel maker, said. “While this resulted in reduced profitability, we are committed to making the necessary investments to promote our long-term growth strategies. Although the apparel marketplace remains difficult, we remain on track to reach our full year financial targets for 2011 [of net sales in the range of $455 to $465 million, earnings in the range of $1.55 to $1.70 per diluted share, and organic growth of between 3 and 6 percent.”

The activewear segment’s sales increased 5.1 percent driven by growth in both catalog and private label. The sales increase resulted from a growth of approximately 10 percent in average selling prices, partially offset by a 5 percent decline in unit sales.

Retail-ready sales increased 12.3 percent; to $58.4 million from $52 million. This sales growth resulted from revenue in The Cotton Exchange, partially offset by a 1.1 organic sales decline.

Delta Apparel Inc. is an international design, marketing, manufacturing and sourcing company of branded and private label activewear apparel and headwear. Its operating subsidiaries are M.J. Soffe; Junkfood Clothing Company; To the Game; Art Gun; and TCX.

For further information, contact Deborah Merrill, C.F.O of the company, by calling (864) 232-5200 ext. 6620.


more Financial and General Interest News >>

Published 11-01-2010 by Amanda Torres Price

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Delta Apparel Revenues Drop 38.5%
Delta revenue up 19% in ’10


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