Unifi Inc., one of the world’s leading innovators in synthetic and recycled yarns, has released operating results for the third quarter ended March 26, 2017. During the period under review, Unifi’s gross margin was 13.1 per cent for the third quarter of fiscal 2017, compared to 14.5 per cent for the prior fiscal year third quarter, while gross margin was 14.0 per cent compared to 13.8 per cent for the year-to-date periods of fiscal 2017 and 2016, respectively.
Its gross operating income was US $ 9.1 million for the third quarter of fiscal 2017 compared to US $ 10.0 million for the prior fiscal year’s third quarter. Operating income was US $ 30.7 million compared to US $ 28.3 million for the year-to-date periods of fiscal 2017 and 2016.
In the mentioned period, Unifi’s net income stood US $ 9.2 million compared to US $ 9.7 million in the corresponding third quarter last year.
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“Our international strategy has not only enhanced our ability to serve our customers but also provided us with valuable diversification throughout fiscal 2017. During this fiscal year, strength in the international PVA business has counterbalanced headwinds in the domestic market driven by weak retail sales, elevated inventory levels, and pressure from higher raw material costs. For fiscal 2017, we continue to expect results to be broadly in-line with fiscal 2016,” said Tom Caudle, President of Unifi while commenting on the results.
