Unifi Inc., one of the world’s leading innovators in synthetic and recycled yarns, has unveiled its financial results for the second quarter ended December 25, 2016. The company’s net sales stood at US $ 155.2 million compared to US $ 156.3 million in the corresponding period last year.
In the mentioned period, the company’s net income totalled US $ 4.6 million. Its gross profit amounted to US $ 22.1 million whereas it was US $ 21.8 million last year. Also, the company generated operating income of US $ 9.0 million, up by 4 per cent as against last year’s US $ 8.6 million.
Unifi also posted its financial result for the first half of FY ’17 ended December 25, 2016. In this period, net sales generated were US $ 315.1 million compared to US $ 318.5 million prior year. Net income of the company amounted to US $ 14.0 million as against US $ 14.5 million in the comparable period previous year. Gross profit in the reporting period stood at US $ 45.6 million as against prior year’s gross profit of US $ 42.7 million. Unifi’s operating income surged 18 per cent year-over-year to US $ 21.6 million linked to prior year’s operating income of US $ 18.3 million.
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“We are pleased with another quarter of solid results, as strong performance internationally counterbalanced headwinds in the domestic market, driven by weak retail sales and elevated inventory levels. We now expect fiscal 2017 results to be broadly consistent with fiscal 2016. Lastly, we continue to invest in product innovation and brand relationships to expand our growing PVA and REPREVE® portfolio,” commented Tom Caudle, President, Unifi.
