Unifi ready for increased demand in 2024 - insidedenim: Glo InsideDenim

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Unifi ready for increased demand in 2024

07/02/2024
US-based yarn maker Unifi reported second quarter sales of $136.9 million, an increase of 0.5% from the second quarter of fiscal 2023, driven by higher sales volumes that were muted by lower pricing.

Revenues from Repreve recycled polyester products were $45.7 million and represented a third of sales.

The company has promoted key executive leaders to complement its Profitability Improvement Plan implemented in December 2023, which is focused on streamlining operations and reducing costs.

Eddie Ingle, CEO of Unifi, said: “Our second quarter fiscal 2024 results were in line with our expectations and reflect sequential improvement in our underlying gross profit performance, despite the negative impact from the ongoing challenges in the apparel industry and its supply chains. The recent strategic actions aimed at further reducing ongoing costs, optimising our operations, and enhancing profitability will strengthen our position for the anticipated recovery in apparel demand in calendar 2024.

“While the apparel industry recession has persisted longer than we anticipated, we believe we will see an improved competitive environment moving forward. As one of the strongest textile solutions providers in the world, we stand to expand our global market share and accelerate our financial performance as our industry returns to growth.

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