Unifi profit dips in second quarter
27/01/2017
Profit for the quarter, which ended on December 25, was $4.6 million, a drop of 29% year-on-year.
In the first six months of the year, revenue stood at $315.1 million, on which Unifi made profit of $14 million.
“We are pleased with another quarter of solid results, as strong performance internationally counterbalanced headwinds in the domestic market, driven by weak retail sales and elevated inventory levels,” said Tom Caudle, president of Unifi.
“In the short-term, we expect margin pressure in the International Segment due to increased import tariffs on raw materials for our Brazilian operations, and we expect domestic market conditions to remain difficult,” he added.
Mr Caudle explained that Unifi believes there are “attractive opportunities” for international growth in the future. The company also plans to continue to invest in product innovation and brand relationships, with a strong focus on its Repreve recycled yarn product.
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