NEW YORK — Delta Mills Inc. and Delta Apparel Inc. each managed to improve first-quarter results, despite the lagging economy and tepid domestic manufacturing scene.
Greenville, S.C.-based Delta Mills posted profits of $1.4 million, or 24 cents per share, for its first quarter ended Sept. 28. This compared with a year-ago loss of $8.2 million, or $1.40 per share.
The most recent period included an aftertax gain of $454,000, or 8 cents per share, from the repurchase of debt, while the year-ago period included a pretax operating loss of $8.7 million, or 96 cents per share after tax, related to the closure of a facility. Excluding the special items, earnings per share of 16 cents in the most recent quarter compared with year-ago losses of 44 cents.
Sales for the three months expanded 24.9 percent to $46.2 million, from $37 million a year ago.
The firm attributed the rising sales to increased volume driven by market demand. Profits, in turn, were a product of the higher sales, an improved running schedule and lower operating costs.
On a conference call, William Garrett, president and chief executive officer, said the quarter’s improvement stemmed from "many items being worked on by different teams, all focused on one final target — profitability."
In a statement, he remained cautious about near-term business prospects at retail: "As the holiday season approaches, consumers continue to be concerned about job security, and retailers are nervous about holiday store traffic."
To the south, Duluth, Ga.-based Delta Apparel Inc. expanded its first-quarter earnings to $1.8 million, or 43 cents per diluted share, from just $64,000, or 1 cent, a year ago. Results reflect a 2-for-1 stock split on Sept. 20.
Sales for the period ended Sept. 28 dipped 6.9 percent to $28.9 million from $31 million a year ago. Lower sales resulted from a 9.8 percent drop-off in unit volume, which was offset somewhat by a 3.2 percent increase in average selling prices. This shift related to greater demand for basic white products after last year’s terrorist attacks.
Inventories at the end of the quarter were up 35.9 percent from a year ago to $48.4 million, in order to support the firm’s expanded product line and anticipated sales growth next year. Delta Apparel will also be opening a new distribution center in Florida and increasing the number of sales personnel to drive the growth.Robert Humphreys, president and ceo, in a statement, added: "Our West Coast distribution center continues to allow us to reach new customers in this important geographic region."
Until 2000, the two firms, along with Duck Head Apparel Co., were joined under the Delta Woodside banner. Now, Delta Mills manufactures textiles as the sole operating division of Delta Woodside, and Delta Apparel is a separate public firm that markets knit products and specializes in T-shirts. Duck Head, which produced men’s and boys’ casual sportswear, has since been acquired by Tropical Sportswear International.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)