Better-than-expected quarter for Unifi
27/10/2021
CEO Eddie Ingle said: “First quarter fiscal 2022 results surpassed our expectations as strong performance in each segment enabled us to achieve our highest quarterly net sales since the June 2013 quarter.
“Our first quarter results demonstrate the team’s ability to expand our opportunities, grow our customer base and adapt to a rapidly changing macro environment for our industry. Strong performance in Brazil and Asia contributed to the favourable results, while the polyester and nylon segments continue to demonstrate recovery from the pandemic.”
He added that demand for Repreve was strong in Asia, Central America and the US.
The company has raised its expectations for the year, “assuming there are no further significant disruptions to global markets or interruptions to global supply chains, no supplier issues in China due to electrical power limitations, and no further adverse impacts from covid-19”.
Full year sales are expected to be in the range of $750 million.
Mr Ingle added: “I’d like to thank all of our employees around the globe for their continued dedication and strong execution, specifically their proactive navigation of temporary supply chain disruptions, input shortages and cost volatility, and labour availability.
“Given our regional focus and global commercial model, I remain confident that we will maintain a high level of performance to mitigate short-term headwinds, especially as we continue our focus on sustainable growth for Unifi and delivering long-term value for our shareholders.”
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