Unifi hopeful as clothing inventory starts to shift
13/05/2024
Revenues from Repreve fibre products were $46.8 million and represented 31% of net sales.
Gross profit was $4.8 million and gross margin was 3.2%, representing a sequential-quarter improvement through existing cost-saving initiatives and increased productivity.
Unifi CEO Eddie Ingle said: “Our top-line results exhibit substantial improvement over the previous quarter and we delivered our second consecutive quarter of sequential gross profit improvement, giving us confidence that the apparel inventory destocking period reached a bottom and demand is beginning to return to more normalised levels.
“To help sustain this momentum, we continue to execute our recently implemented Profitability Improvement Plan, which has helped lower our expenses and improve operational efficiencies."
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