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Article Date: July 2020
Word Count: 306

Delta Apparel Sees Red from Pandemic

The bottom line plummeted to a $17,844,000 loss against last year’s $4,837,000 income, as a $5.4 million tax benefit could not offset the $23.1 million of non-recurring expenses due to Covid-19. Revenues for the fiscal third quarter ended June 27 dropped 40% to $71,801,000 from $119,260,000. Gross margins contracted 1,660 b.p. to 4.2% and SG&A expenses declined 15% to $15,206,000 from $17,931,000, expanding as a percentage of sales by 620 b.p. to 21.2%. Costs were coming primarily from the Delta Group as the company curtailed manufacturing operations and boosted inventory reserves and accounts receivable.


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