Delta Apparel Reports on Inventory Writedown, Lowers FY Guidance
Earnings were negatively impacted by a one-time, $16.2 million inventory markdown on basic T-shirts as previously announced by the company. The second quarter net loss was $13,592,000 against a profit of $1,416,000 for the period ended Dec. 31 and was also negatively impacted by lower retail demand for basics due to price increases. Revenues were up 1% to $105,486,000 from $104,722,000. Branded sales were off 1% to $47.9 million, although vintage ... Log in to view full article.
