Home / Knowledge / News / Textiles / Unifi Q4 FY'13 sales grow 6.8%
Unifi Q4 FY'13 sales grow 6.8%
25
Jul '13
Unifi, Inc. released preliminary operating results for its fourth quarter and fiscal year ended June 30, 2013.  The Company's reported net sales increased $12.8 million or 6.8% to $200.7 million for the quarter ended June 30, 2013, which consisted of 14 fiscal weeks, compared to net sales of $187.9 million for the quarter ended June 24, 2012, which consisted of 13 fiscal weeks. 

Net income for the June 2013 quarter was $10.5 million, or $0.54 per share, compared to net income of $11.3 million, or $0.56 per share, for the June 2012 quarter, as a 320 basis point improvement in gross margin was offset by lower earnings of unconsolidated affiliates and higher income tax expense.

Highlights for the June 2013 quarter included:

-Adjusted EBITDA for the June 2013 quarter improved to $18.3 million compared to $14.1 million in the June 2012 quarter;
-Gross margin improved significantly as a result of higher conversion margins and lower manufacturing costs driven by the Company's mix enrichment and continuous improvement strategies;
-Strong shipping volumes continued, as growth in U.S. retail demand benefited the Company's yarn operations in North America and China.
-The Company amended its $150 million bank credit facility to provide additional liquidity and improve its long-term operating flexibility.

The Company's reported net sales increased $8.9 million or 1.3% to $714.0 million for the fiscal year ended June 30, 2013, compared to net sales of $705.1 million for the fiscal year ended June 24, 2012.  For the 2013 fiscal year, net income was $16.6 million, or $0.84 per share, compared to net income of $11.5 million, or $0.57 per share, for the prior fiscal year and adjusted EBITDA was $52.7 million compared to adjusted EBITDA of $39.8 million for the prior fiscal year.

Operating margins for the 2013 fiscal year were positively impacted by a 250 basis point improvement in gross margin and an $11.6 million decrease in interest expense related to the Company's recently completed deleveraging strategy.  These improvements were partially offset by an $8.3 million decrease in earnings from the Company's unconsolidated affiliates and a $15.3 million increase in income taxes.

Click here to read full results.

Unifi

Must ReadView All

Apparel/Garments | On 28th May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Apparel/Garments | On 28th May 2017

Naked Brand, Bendon sign agreement to reorganise

Naked Brand Group, a fashion and lifestyle brand, and Bendon Limited, ...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mark Paterson
Technical Absorbents Ltd

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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