GREENVILLE, S.C.-Delta Apparel reports its 2017 fourth-quarter and year-end results. Results include a net income increase, as well as a decrease in net sales.
The company reports a net income of $10.5 million, compared to $9 million in 2016, a 19 percent increase. Meanwhile, Delta cites a dip in net sales from $425.2 million in 2016 to $385.1 million for 2017. The company attributes the drop to “continued retail weakness, customer bankruptcies, and severe weather-related market disruptions.”
Regarding fourth quarter results, the company reports a net income of $2.1 million, compared to $2.3 million in 2016. Net sales for the quarter come in at $91.3 million compared to $114.4 million in the previous year.
“Fiscal 2017 was a busy year for Delta Apparel,” says Robert W. Humphreys, CEO Delta Apparel. “The year began with Hurricane Matthew and ended with Hurricanes Harvey and Irma, all three of which disrupted some of our key markets.”
Humphreys adds that in the interim months, “the retail sector and consumer demand remained weak, resulting in less apparel retail doors in the market.”
“While our net sales reflected the impacts of those events and the Junkfood divestiture, our margins held strong, and we ended the year with a 19 percent increase in earnings,” Humphreys points out.
The company also reports a 1.3 percent year-over-year uptick in sales in its activewear division and continued strong growth in higher-margin fashion basics.
“Delta Apparel’s ability to navigate challenging market conditions is the product of several factors, one of which is our efforts to rationalize our business and focus our resources on areas with higher growth and earnings potential,” notes Humphreys.
Delta’s senior management team detailed full earnings results in a Nov. 28 conference call. The company offers a replay of the call on its investor website through Dec. 28.
For more information, visit www.deltaapparelinc.com.