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Unifi posts Q3 FY20 sales of $171 million
04 May 20 2 min read
Unifi Inc, an innovator in recycled and synthetic yarns, has posted 5 per cent decrease in its net sales to $171.0 million in third quarter (Q3) FY20 ended on March 29, 2020 compared to sales of $180.0 million in same period prior year. This performance was driven by lower polyester raw material costs, lower nylon volumes, as Unifi reported.
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“The first ten weeks of our fiscal third quarter were strong and consistent with our expectations as our trade actions and overall strategy were generating significant momentum,” Tom Caudle, president & chief operating officer of Unifi, said in a press release. “However, the impacts of the pandemic on global demand began materialising at the end of the March 2020 quarter, which have placed pressure on many of our customers and the pipeline.”
Net loss for the reported quarter were $41.1 million compared to loss of $1.5 million in Q3 FY19. Gross profit increased to $15.3 million (Q3 FY19: $13.7 million). Selling, general and administrative expenses for the quarter were $11.7 million (Q3 FY19: $11.4 million). Operating income were $3.1 million (Q1 FY19: 0.7 million).
Sales of Polyester segment were $89.7 million (Q3 FY19: $95.7 million). Sales of Nylon were $20.5 million (Q3 FY19: $25.5 million). Sales in Brazil were $21.0 million (Q3 FY19: $25.1 million). Sales in Asia were $38.6 million ($32.5 million).
On April 29, 2020, the company sold its 34 per cent interest in PAL to the majority owner, Parkdale. “We are pleased to have reached a mutually beneficial agreement whereby Parkdale has acquired Unifi's 34% interest in PAL, allowing Parkdale 100% ownership of the entity that has been a producer of cotton and synthetic yarns for the textile and apparel industries since its formation in 1997,” Caudle said.
Fibre2Fashion News Desk (JL)
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