Delta Apparel Inc. (DLA)

Shares of Delta Apparel Inc. (DLA) dropped by 15.45% from $8.87 to $7.50 in the trading on Friday, December 8, 2023. The reason why is DLA down today is due to the release of the company's Q4 financial results.

• Q4 Highlights: Q4 net sales were $91.4 million, down from $115.5 million in the prior year. The Salt Life Group segment reported Q4 net sales of $12.5 million, compared to $14 million in the previous year. The Delta Group segment's Q4 net sales were $78.9 million, down from $101.5 million in the previous year. Gross margins were 11.2%, impacted by production curtailment and elevated cotton costs. Adjusted gross margins, excluding these costs, were 15.9%. Operating income turned into a loss of $17 million due to various costs. Q4 net income was a loss of $16.4 million, or ($2.34) per share.
• Full Year Highlights: Full-year net sales for 2023 were $415.4 million, down from $484.9 million in the prior year. Gross margins for the year were 13.0%, with adjusted gross margins at 21.2%. Operating income for the year declined to a loss of $29.4 million. Full-year net income was a loss of $33.2 million, or ($4.75) per share.