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Quarterly Results (Unaudited)
 12 Months Ended
Jun. 28, 2020
Quarterly Financial Data [Abstract]  
Quarterly Results (Unaudited)

27. Quarterly Results (Unaudited)

Quarterly financial data and selected highlights are as follows:

 

 

 

For the Fiscal Quarter Ended

 

 

 

September 29,

2019

 

 

December 29,

2019

 

 

March 29, 2020

 

 

June 28,  2020

 

Net sales (1)

 

$

179,949

 

 

$

169,511

 

 

$

170,994

 

 

$

86,055

 

Gross profit (loss) (2)

 

 

17,443

 

 

 

15,665

 

 

 

15,383

 

 

 

(9,451

)

Net income (loss) (3)

 

 

3,712

 

 

 

409

 

 

 

(41,111

)

 

 

(20,247

)

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (4)

 

$

0.20

 

 

$

0.02

 

 

$

(2.23

)

 

$

(1.10

)

Diluted (4)

 

$

0.20

 

 

$

0.02

 

 

$

(2.23

)

 

$

(1.10

)

 

 

 

For the Fiscal Quarter Ended

 

 

 

September 30,

2018

 

 

December 30,

2018

 

 

March 31, 2019

 

 

June 30,  2019

 

Net sales (5)

 

$

181,611

 

 

$

167,711

 

 

$

179,989

 

 

$

179,493

 

Gross profit (6)

 

 

20,019

 

 

 

14,156

 

 

 

13,791

 

 

 

18,342

 

Net income (loss) (7)

 

 

1,812

 

 

 

1,171

 

 

 

(1,529

)

 

 

1,002

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (4)

 

$

0.10

 

 

$

0.06

 

 

$

(0.08

)

 

$

0.05

 

Diluted (4)

 

$

0.10

 

 

$

0.06

 

 

$

(0.08

)

 

$

0.05

 

 

(1)

Net sales for the fiscal quarter ended June 28, 2020, includes the impact of global demand declines and decreased economic activity caused by the COVID-19 pandemic.

 

(2)

Gross loss for the fiscal quarter ended June 28, 2020 includes the adverse impact of lower fixed cost absorption in connection with the COVID-19 pandemic.

 

(3)

Net loss for the fiscal quarter March 29, 2020 includes the impairment charge for PAL of $45,194. Net loss for the fiscal quarter ended June 28, 2020 includes the adverse impact of the COVID-19 pandemic and severance charges for involuntary terminations.

 

(4)

(Loss) income per share is computed independently for each of the periods presented.  The sum of the (loss) income per share amounts for the fiscal quarters may not equal the total for the fiscal year.

 

(5)

The fiscal quarter ended September 30, 2018 was comprised of fourteen weeks.

 

(6)

Gross profit for the fiscal quarter ended December 30, 2018 includes the adverse impact of a raw material cost spike that could not be effectively offset with timely corresponding selling price increases.  Gross profit for the fiscal quarters ended December 30, 2018 and March 31, 2019 includes the adverse impact of significant competitive pressure caused by elevated levels of polyester textured yarn imports.

 

(7)

Net income for the fiscal quarter ended June 30, 2019 includes severance charges for involuntary terminations.