Home / Knowledge / News / Textiles / Unifi Q4 FY17 net sales up to $171.3 million
Unifi Q4 FY17 net sales up to $171.3 million
27
Jul '17
Courtesy: Unifi
Courtesy: Unifi
Unifi’s net sales increased to $171.3 million for the fourth quarter of fiscal 2017, compared to $163.9 million for the fourth quarter of fiscal 2016. Operating income for the fourth quarter was $13 million, as against $13.9 million for the same period in 2016. The company’s net sales increased to $647.3 million for FY17, compared to $643.6 million for FY16.

Sales growth in the fourth quarter of fiscal 2017 was led by operations in Asia and Brazil, partially offset by challenging domestic market conditions. Net income was $9.7 million for the fourth quarter of fiscal 2017, compared to net income of $10.2 million for the fourth quarter of fiscal 2016. Net income of the company for the fiscal 2017 quarter benefitted from a lower effective tax rate, but was unfavourably impacted by higher administrative expenses.

Basic EPS of Unifi was $0.53 for the fourth quarter of fiscal 2017, compared to $0.57 for the fourth quarter of fiscal 2016, while Adjusted EPS was $0.53 for the fourth quarter of fiscal 2017, compared to $0.62 for the fourth quarter of fiscal 2016. Adjusted EBITDA was $18.8 million for the period, compared to $20.6 million for the same period in 2016.

Foreign currency translation in the fourth quarter of fiscal 2017 resulted in an increase to net sales of $1.9 million and gross profit of $0.5 million compared to the prior fiscal year’s fourth quarter, said Unifi in a press release.

Net debt (debt principal less cash and cash equivalents) was $94 million at June 25, 2017, compared to $106.4 million at June 26, 2016.

As for the fiscal ended June 25, 2017, Unifi’s net sales were $647.3 million, compared to net sales of $643.6 million for the fiscal year ended June 26, 2016. PVA portfolio performance in Asia and Brazil provided growth against difficult domestic market conditions. Operating income increased to $43.8 million in fiscal 2017 compared to $42.2 million in fiscal 2016. Lower bad debt and other operating expenses were partially offset by higher administrative expenses, which reflect investments aimed at increasing top-line growth, specifically through strategic planning, talent acquisition and commercial expansion.

Net income of Unifi was $32.9 million for fiscal 2017, compared to $34.4 million for fiscal 2016. Net income for fiscal 2017 was favourably impacted by a lower effective tax rate, but adversely impacted by a loss of approximately $1.7 million associated with a non-core divestiture and an approximately $2.2 million decline in earnings from Parkdale America, LLC (PAL). After-tax earnings from PAL declined from approximately $4 million in fiscal 2016 to approximately $1.8 million in fiscal 2017. Basic EPS was $1.81 for fiscal 2017, compared to $1.93 for fiscal 2016.

The company’s adjusted net income and adjusted EPS, both excluding the loss from a non-core divestiture, were $34.5 million and $1.90, respectively, for fiscal 2017, compared to $35.9 million and $2.01, respectively, for fiscal 2016. Adjusted net income and adjusted EPS in fiscal 2017 and fiscal 2016 were impacted by weaker results from PAL. Adjusted EBITDA, which excludes changes in earnings from PAL, was $65.6 million for fiscal 2017, compared to $65.4 million for fiscal 2016.

Foreign currency translation in fiscal 2017 resulted in an increase to net sales of $9.8 million and gross profit of $1.8 million compared to the prior fiscal year.

Unifi named Kevin Hall as CEO and he was elected as a member of the board of directors, effective May 19, 2017.

"The fourth quarter of fiscal 2017 continued to demonstrate the global opportunity of our growing portfolio of PVA products. We are pleased that the strength of our international operations allowed us to overcome ongoing headwinds in the domestic retail and apparel markets," said Hall.

"In my first two months at Unifi, I've had the opportunity to better understand the breadth and talent of our organization.  As a result, I've grown even more confident in Unifi's long-term potential and the growth opportunities for Repreve and our other PVA products, which will be driven by our strong technological and operational expertise, as well as by our exciting partnerships with many of the world's leading brands and retailers," he added.

Hall continued, "As we look to the future, I believe that we will become an even stronger partner for our customers and that we will build new and more expansive relationships with like-minded global brands. In doing so, we will remain committed to innovation by building around our recent successes in the use of earth-friendly materials in combination with the technologies that improve the performance and aesthetic characteristics of high-demand products." (KD)

Fibre2Fashion News Desk – India


Must ReadView All

Last-minute changes in USMCA keeps lid on e-com

Textiles | On 18th Oct 2018

Last-minute changes in USMCA keeps lid on e-com

Eleventh hour changes to a new trade deal torpedoed US hopes of...

Courtesy: Haggar

Apparel/Garments | On 18th Oct 2018

Haggar uses Repreve fibre made of recycled water bottles

Haggar, a US based apparel brand established in 1926, has recycled...

Revenue from RIL petrochemicals soars 56.2% in Q2FY19

Textiles | On 18th Oct 2018

Revenue from RIL petrochemicals soars 56.2% in Q2FY19

The revenue from the petrochemicals segment of Reliance Industries...

Interviews View All

Anavila Misra, Anavila Collection

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

C. Dhandayuthapani, Mag Solvics Pvt. Ltd

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Pinkesh Jain, Everflow Petrofils Ltd

Pinkesh Jain
Everflow Petrofils Ltd

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

Harmeet Singh,

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

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

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

Leave your Comments


October 2018

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

news category


Related Categories:

Advanced Search