Delta Apparel Reports Record First Quarter 2012 Results
On Thursday, Duluth, Georgia-based Delta Apparel Inc. reported financial results for the fiscal 2012 first quarter ended October 1, 2011.
First quarter highlights:
- Net sales increased 14.5 percent to a record $123.5 million.
- Gross margins improved 130 basis points to 25.3 percent.
- Operating profit improved to 5.4 percent of sales from 2.7 percent of sales in the prior year period.
- Net income increased 167.7 percent to $4.4 million from $1.6 million in the prior year period.
- Diluted EPS increased 163.2 percent to $0.50 from $0.19 in the prior year period.
Sales for the three months ended October 1, 2011 increased $15.6 million to a record $123.5 million. Each business unit contributed to the 14.5 percent organic sales growth in the quarter. Gross margins improved to 25.3 percent compared to 24.0 percent in the prior year first quarter, with margin expansion in both the branded and basics segments. Selling, general and administrative expenses were 19.9 percent of sales, an improvement of 130 basis points compared to 21.2 percent of sales in the prior year first quarter.