UNIFI, Inc. New - UFI STOCK NEWS

Unifi, Inc. (NYSE: UFI) reported second-quarter fiscal 2023 results, revealing net sales of $136.2 million, down 32.4% year-over-year, primarily due to demand disruption in apparel production. The gross loss amounted to $8 million with a gross margin of -5.9%, compared to a profit of $16.9 million and a margin of 8.4% in the previous year. Net loss reached $18 million, or $1.00 per share, against a profit of $0.9 million, or $0.05 per share, last year. Despite these challenges, operating cash flow improved to $7.3 million from a loss of $4 million a year prior. Management remains optimistic about recovering demand in the latter half of the year.

Unifi, Inc. (NYSE: UFI) has announced preliminary results for its second fiscal quarter ended January 1, 2023. The company expects net sales of $135 million to $137 million, reflecting a 24% to 25% decrease compared to the previous quarter, worse than the anticipated 10% to 15%. A negative gross margin is expected between (5.5%) and (6.5%), with an operating loss projected between $19.0 million and $21.0 million. Adjusted EBITDA is expected to be between ($12.0 million) and ($14.0 million). CEO Eddie Ingle cited continued demand disruptions and inventory destocking as significant challenges but remains optimistic about long-term growth and cost-saving measures.

Unifi Inc. (NYSE: UFI) has expanded its Textile Takeback™ program, aiming to recycle polyester-based fabric waste into REPREVE®, a leading recycled performance fiber. This initiative addresses the industry's growing textile waste issue by converting discarded materials into new products, fostering a circular supply chain. With over 35 billion plastic bottles recycled since 1971, Unifi is committed to sustainable innovation. The expanded program will offer accessible sustainable solutions to partners globally, further promoting environmental responsibility, as stated by CEO Eddie Ingle.

Unifi, Inc. (NYSE: UFI) reported Q1 fiscal 2023 results, revealing a net sales decline of 8.4% to $179.5 million due to temporary demand disruptions. Gross profit fell to $6.6 million from $26.1 million, resulting in an operating loss of $4.7 million. Net loss reached $7.8 million, or $0.44 per share, contrasting with a net income of $8.7 million in the prior year. To enhance liquidity, Unifi amended its credit facility, increasing borrowing capacity to $230 million. The outlook remains cautious, with expectations for lower sales in Q2 and ongoing profitability pressures.

Unifi, Inc. (NYSE: UFI) will host a conference call on November 4, 2022, at 8:30 a.m. Eastern Time to discuss its first quarter fiscal 2023 financial results. These results will be available post-market on November 3, 2022, on their website. Interested parties can join the call by dialing (800) 715-9871 for domestic calls or (646) 307-1963 for international calls, using the conference ID 3960476. A replay will be available starting two hours after the call until November 11, 2022. Unifi specializes in synthetic and recycled performance fibers, notably through its REPREVE brand.

Hologenix and Unifi Announce Strategic Partnership

On October 25, 2022, Hologenix and Unifi unveiled a collaboration to create CELLIANT® with REPREVE®, combining infrared wellness benefits with sustainable, recycled materials. CELLIANT harnesses infrared technology for enhanced muscle recovery and performance, while REPREVE is made from 100% recycled materials. The partnership aims to introduce innovative applications across various sectors, leveraging Beverly Knits as their preferred North American manufacturing partner. This collaboration emphasizes sustainability and health benefits, aligning with growing consumer demand for eco-friendly products.

Unifi, Inc. (NYSE: UFI) has appointed Frank Blake to its Board of Directors, effective September 5, 2022. Blake brings extensive leadership experience, previously serving as CEO and Chairman of The Home Depot and as Chairman of Delta Air Lines. His expertise in commercial excellence is expected to enhance Unifi’s growth trajectory, particularly in sustainability practices. Al Carey, Executive Chairman, expressed confidence in Blake’s contributions towards maintaining Unifi’s market leadership in recycled and synthetic yarns, including their flagship product, REPREVE.

Unifi, Inc. (NYSE: UFI) reported strong fourth-quarter results for fiscal 2022, with net sales of $217.6 million, an 18% increase from fiscal 2021. However, gross profit declined to $18.4 million, a 33% decrease, leading to an operating income of $5.0 million and net income of $3.5 million, or $0.19 EPS. Looking ahead, Unifi expects fiscal 2023 sales to grow by at least 5%, targeting net sales between $855 million and $885 million. Despite ongoing inflationary pressures, the company aims for improved performance throughout the year.