Home / Knowledge / News / Apparel/Garments / Net sales for Q1FY16 slip 7.54% at Unifi
Net sales for Q1FY16 slip 7.54% at Unifi
27
Oct '15
Net sales for the first fiscal quarter ended September 27, 2015 at recycled fibre producer Unifi Inc slipped 7.54 per cent from a fiscal ago period.

“Net sales were $162.2 million for the first quarter of fiscal 2016 compared to $175.5 million for the prior fiscal quarter,” the company said in a press release while releasing the first quarter preliminary results.

It added that the decline was primarily due to the significant devaluation of the Brazilian Real and pricing declines due to lower raw material costs.

However, Unifi increased operating income by more than $2.0 million over the prior fiscal comparable quarter due to the strong performance of its regional texturing business and value-added products.

There was also margin improvement in its subsidiary in China and in addition, the company had an increase in volumes from its polyester segment.

Gross profit in the reporting quarter improved to $21.0 million or 12.9 per cent of net sales from $20.5 million or 11.6 per cent of net sales in the previous fiscal's first quarter.

Unifi reported an adjusted EBITDA of $15.4 million in the first quarter of fiscal 2016, an improvement from $14.0 million for the first quarter of earlier fiscal.

Net income for the first quarter ended September 27, 2015 was $8.0 million or $0.45 per basic share as against net income of $7.1 million or $0.39 per basic share in the first quarter of fiscal 2015.

“These results reflect improved performance for our consolidated operations, along with a lower effective tax rate, and were achieved despite lower earnings from Parkdale America, LLC,” it explained.

"We continue to see improvements in the areas of our business that we are supporting through strategic capital expenditures," said Roger Berrier, president and chief operating officer of Unifi.

"The Company is supporting growth with several capital investments, including the expansion of our existing Repreve Recycling Center and the construction of a plastic bottle processing plant,” he too added.

“We will also explore opportunities to meet increased demand in the NAFTA and CAFTA regions over the next 18 months as the region continues to grow at an average annual rate of around five per cent,” Berrier stated.

Cash and cash equivalents were $10.0 million as of September 27, 2015, flat compared to cash and cash equivalents as of June 28, 2015.

Net debt or total debt less cash and cash equivalents as on September 27, 2015 was $118.3 million vis-à-vis $94.1 million at June 28, 2015. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Courtesy: Jabong

Apparel/Garments | On 24th May 2017

Jabong Mood Store redefines online shopping in India

Jabong, India's leading online fashion retailer, has launched the...

Textiles | On 24th May 2017

Starlinger unveils FX 8.0 circular loom for fabric making

Starlinger, a leading supplier of machinery for woven plastic...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search