Delta Apparel Announces Preliminary First Quarter Results
Delta Apparel on Monday announced preliminary results for its 2019 fiscal first quarter ended Dec. 29, 2018.
The company anticipates overall net sales for the first quarter of its 2019 fiscal year to come in ahead of expectations at approximately $101 million, or about a 12 percent increase from prior year net sales of $90.3 million. The growth was driven by solid double-digit gains in the company’s Salt Life business, as well as in its digital print business, which successfully completed its first holiday season with consolidated operations including the DTG2Go and SSI Digital Print businesses acquired in the last 10 months.
The company expects earnings per share for the quarter to be above the prior year period’s reported earnings per share. Results during the first quarter of fiscal year 2019 were impacted by a discrete expense of $2.5 million associated with the resolution of litigation stemming from The Sports Authority’s March 2016 bankruptcy. The company anticipates adjusted earnings per share for the quarter to be approximately in line with prior year adjusted results of $0.08 after excluding the financial impact of this expense and the impact of United States tax reform legislation.
“We are pleased with our start to the new fiscal year and the broad-based momentum we are seeing across our business segments," Robert W. Humphreys, Delta Apparel’s chairman and CEO, stated. "We have delivered sequential growth in our Salt Life Group, and our Delta Group continues its strong expansion driven by our DTG2Go digital print business. We look forward to providing our full results for the first quarter during our upcoming earnings call.”
For more information on Delta Apparel, visit www.deltaapparel.com.