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Delta Apparel Inc., the Greenville, S.C. apparel supplier, recently reported that while revenue continued to grow in its fiscal 2012 second quarter and first half, earnings were negatively impacted by a one-time second quarter inventory markdown of $16.2 million.
The inventory markdown, previously announced, was necessitated by the unprecedented record high cotton costs combined with selling price discounts in the company's line of basic undecorated T-shirts. As a result of the markdown, the company's results for the remainder of fiscal 2012 in this business should be free from the effects of these high cotton prices flowing through cost of sales.
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