Unifi Inc., one of the world’s leading innovators in synthetic and recycled yarns, has released financial results for the first quarter ended September 24, 2017.
The company’s net sales increased by 2.7 per cent to reach US $ 164.2 million as against US $ 160.0 million in the same quarter of the previous fiscal.
During the first quarter of the current year, Unifi’s gross profit as the percentage of sales was 14.2 per cent compared to 14.7 per cent in the first quarter of last year. The increase reflects higher costs and increased sales of lower-margin products in the company’s international businesses.
However, Unifi noted a decline in its operating income from US $ 12.6 million last year to US $ 10.2 million. Net income for the quarter also dropped to US $ 9.0 million from US $ 9.4 million in the corresponding period last year.
Additionally, the company’s adjusted EBITDA also declined from US $ 17.9 million for the first quarter of 2016 to US $ 15.8 million for the first quarter of 2017.
The drop in the Adjusted EBITDA was the result of higher operating expenses during the reporting quarter.
Kevin Hall, CEO of Unifi is positive and has expressed hope to note the growth in both revenue and earnings during fiscal 2018.
“The company is excited about its growth opportunities not only in current fiscal but fiscals to come in view of its focus on combining recycling, innovation and technology with its superior supply chain capabilities,” he said.