Delta Apparel Inc. said it expects earnings to range between $1.37 and $1.39 per share in its fiscal year ended July 3, up from 76 cents a year ago. The apparel maker's revenues reached $424 million up from $355.2 million a year ago. In April, DLA had reiterated its guidance of earnings of $1.20 to $1.30 per share in fiscal 2010. The company's forecast was for full-year sales of $400 million to $405 million.
Driven mostly by organic growth in each of the company's four business units as well as full year sales from To The Game, which was acquired in the fourth quarter of the prior year, Delta Apparel executives appear optimistic about potential growth strategies, as well as its projected guidance.
Robert W. Humphreys, chairman and CEO, commented, “Our fourth quarter performance was better than anticipated and represents a strong finish to another solid year of growth for Delta Apparel, Inc. In fiscal 2010 we achieved organic sales growth of 14% on top of 8% organic growth in fiscal 2009, which allowed us to exceed our full year expectations. This was particularly rewarding given the tough economic environment during the past several years.”
For the 2011 fiscal year ending July 2, 2011, the company expects net sales to be in the range of $455 to $465 million and earnings to be in the range of $1.55 to $1.70 per diluted share. The sales outlook includes anticipated organic growth of approximately 5% after adjusting for one less week in fiscal 2011, and approximately $25 million in additional revenues from The Cotton Exchange.