Unifi Q1 FY21: sales $142 mn; net income $3.4 mn

27 Oct '20

2 min read

Pic: Unifi

Unifi, a leading innovator in recycled and synthetic yarns, reported 21 per cent decrease in its sales to $141.5 million during first quarter (Q1) FY21 ended on September 27, 2020 compared to the sales of $179.9 million during the same period last year. Net income for the quarter fell marginally to $3.4 million (Q1 FY20: $3.7 million).

“Our first quarter of fiscal 2021 results were better than anticipated and demonstrated the resilience of our business and the agility of our global model. We experienced sequential improvement in revenue during each month of the quarter and the pace of our recovery has been reassuring,” Eddie Ingle, chief executive officer of Unifi, said in a press release.

Gross profit for Q1 FY21 was $14.5 million ($17.4 million). Selling, general and administrative expenses were $11.3 million ($10.9 million). Company’s net income for the reported period dropped to $2.9 million ($6.3 million).

Sales of polyester segment during the first quarter were $69.0 million ($88.6 million). While sales of nylon were $11.0 million ($20.2 million). Sales in Asia slipped to $37.7 million ($45.9 million). Whereas, sales in Brazil were not much affected at $22.6 million ($24.1 million).

“Interest in our sustainable solutions remains high, as exemplified by Repreve Fibers reaching 35 per cent of our net sales. In the quarters ahead, our team will remain intently focused on the customer experience, driving new and innovative sustainable solutions, and returning to long-term growth. I am confident that our diverse global operations, strong management team, and solid financial position will enable us to regain our momentum throughout fiscal 2021,” Ingle said.

Fibre2Fashion News Desk (JL)

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