Boosted by an almost $20 million increase in sales, Delta Apparel Inc. reversed a year-ago loss in the first quarter.
For the three months ended Sept. 27, the Duluth, Ga.-based vendor reported net income of $674,000, or 8 cents a diluted share, versus a net loss of $1.5 million, or 18 cents a share, for the same period last year. Net sales jumped 26 percent to $91.4 million from $72.6 million.
Gross margins grew 320 basis points to 21.1 percent of sales, helped by increased prices in the activewear segment and a higher mix of retail-ready sales that the company said increased 36.6 percent to $41.4 million.
Inventory fell $1.1 million to $128.5 million, and debt was reduced $1.1 million to $128.5 million, partly because of strong fourth-quarter sales and lower capital spending.
“Demand for our portfolio of apparel products appears solid despite reduced retail open-to-buy dollars,” said president and chief executive officer Robert W. Humphreys. “In addition, we believe being recognized as a preferred supplier on certain retail programs has helped sales growth in our activewear business.”
The company said it has put in place new marketing strategies to drive organic growth. Delta said it will continue to focus on cutting costs in its manufacturing operations.
For fiscal 2009, Delta said it expected earnings per share of 70 to 90 cents on net sales of $340 million to $360 million.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion