Delta lost $607,000 vs. a profit of $681,000 in its first fiscal quarter ended Dec. 31 as sales slipped 5% to $85,335,000 from $90,171,000 hurt by retailer destocking and the Sports Authority bankruptcy. The impact of Hurricane Matthew and unseasonably warm weather were headwinds in the quarter as well. Gross margin slipped 40 basis points to 20.6%. Higher cotton prices contributed to inventory that was up 12% year-on-year, but management said it was on-plan and inline with sales projections.

Branded segment sales tumbled 15% to $24.5 million with Soffe down $1.5 million in missing sales to TSA and declines at other ... Log in to view full article.