UNIFI, Inc. - UFI STOCK NEWS

Unifi, Inc. (UFI) released operating results for the second fiscal quarter ended December 31, 2023. Net sales increased by 0.5% to $136.9 million, driven by higher sales volumes despite lower pricing. REPREVE Fiber products represented 33% of net sales. Gross profit was $1.6 million with a gross margin of 1.2%. The company reported a net loss of $19.8 million, but adjusted net loss improved to $14.7 million. Adjusted EBITDA was ($5.5) million, an improvement from the previous year. The company expanded cost efficiency measures, announced the promotion of key executive leaders, and implemented a Profitability Improvement Plan. CEO Eddie Ingle expressed optimism for the anticipated recovery in apparel demand in calendar 2024.

UNIFI, Inc. (UFI) has announced the implementation of a Profitability Improvement Plan focused on reducing costs and investing in innovation. The plan includes cost reset and headcount reductions expected to lower expenses by $10-15 million annually, as well as sales transformation initiatives to bolster operating margins by $6 million annually. The company also made new executive officer appointments to critical roles, promoting A.J. Eaker to Executive Vice President and CFO, Meredith S. Boyd to Executive Vice President and Chief Product Officer, Brian D. Moore to Executive Vice President and President of Unifi Manufacturing, Inc., and Gregory K. Sigmon to Executive Vice President, General Counsel, and Corporate Secretary. The company aims to reinvest savings into margin accretive opportunities and product innovation for REPREVE, strengthening its financial profile beyond current actions. The PR also mentions a severance charge of $2.4 million and the expectation of $20 million in annual run-rate cost reduction by the start of fiscal 2025 as a result of the Profitability Improvement Plan.

Unifi, Inc. (NYSE: UFI) will host a conference call to discuss its second quarter fiscal 2024 financial results. The company is a global textile solutions provider and innovator in manufacturing synthetic and recycled performance fibers, with a focus on transforming plastic bottles into recycled fiber for consumer products. UNIFI collaborates with influential brands in various industries.

Unifi, Inc. reported operating results for the first fiscal quarter ended October 1, 2023. Net sales decreased by 22.7% compared to the same quarter last year, primarily due to weak apparel demand. Revenues from REPREVE Fiber products increased as a percentage of net sales. Gross loss was $0.6 million and net loss was $13.3 million. Adjusted EBITDA was ($4.8) million. The company's cost control measures helped generate cash and reduce net debt. Unifi expects second quarter results to be consistent with the first quarter.

Unifi, Inc. to host conference call to discuss first quarter fiscal 2024 financial results

Unifi, Inc. (NYSE: UFI) released its operating results for Q4 and fiscal year ended July 2, 2023. Net sales were $151.1 million, down from $217.6 million in the previous year, primarily due to weak demand. Operating loss was $13.7 million, impacted by lower demand and an $8.2 million impairment charge. Adjusted Net Loss was $7.0 million. Debt principal was $140.9 million and Net Debt was $93.9 million. UNIFI expects Q1 fiscal 2024 net sales and Adjusted EBITDA to be consistent with Q4 fiscal 2023 results. Cash and cash equivalents were $47.0 million.

Unifi, Inc. (NYSE: UFI) announces findings of an independent peer-reviewed Life Cycle Assessment (LCA) showing that REPREVE recycled polyester reduces greenhouse gas emissions, fossil fuel usage, and water consumption compared to virgin polyester. REPREVE is a leading recycled polyester fiber brand made from post-consumer plastic bottles and pre-consumer waste materials, addressing environmental concerns.