Delta Apparel (asi/49172), a Top 40 supplier in the promotional products industry, increased annual sales and earnings over the course of its 12-month fiscal year, which ended Oct. 2.

The Greenville, SC-headquartered company reported that full-year 2021 sales tallied $436.8 million, a jump of 14.6% compared to the previous year. Net income reached $20.3 million, or $2.86 per diluted share – a huge gain over the 2020 fiscal period when Delta Apparel sustained a nearly $10.6 million loss amid COVID-19 challenges.

According to the company, net sales in the firm’s Delta Group and Salt Life Group segments increased 12.5% and 33.9%, respectively, for the year.

In a quirk, sales for the fourth quarter declined $2 million year-over-year to $114.7 million, which was the result of the 2021 Q4 being a 13-week quarter and the prior year being a 14-week quarter. Still, earnings in 2021’s fourth quarter bested 2020, coming in at $0.96 per diluted share compared to $0.71.

“Our fourth-quarter and full-year performance, which outpaced our expectations, showcases the strength of our unique business model servicing diversified sales channels using our innovative supply chain technologies and vertically-integrated, flexible manufacturing platform,” said Delta Apparel CEO/Chairman Robert W. Humphreys.

Delta Apparel is carrying debt of $121.7 million, according to the company. Still, Humphreys noted that the company has “historically low debt leverage at only 2.5 times EBITDA.” Delta Apparel has “strong cash flows (that) allow us to fund our growth initiatives while also providing liquidity for other actions to increase shareholder value.”

Sales in the promo products industry are only one channel of Delta Apparel’s broader business with different markets. With estimated 2020 promo revenue of $40.8 million, Delta Apparel ranked 35^th on Counselor’s most recent list of the largest suppliers in the industry.