High inventory levels dint Unifi
06/11/2023
CEO Eddie Ingle said: “Given the current challenges facing the industry, our customers have continued to take a cautious approach to placing new orders as they work through existing inventory levels and monitor consumer activity.
“Such inventory appears to be approaching pre-pandemic levels, giving us confidence that we may soon experience improved order flow.
“Despite the difficult environment, our disciplined cost control measures enabled us to generate solid cash flows during the quarter and reduce net debt."
He added that the company was encouraged by opportunities to diversify beyond apparel.
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