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Low demand leads to Unifi losses

Slump in sales was evident across all of the company’s markets.

25th August 2023

Innovation in Textiles
 |  Greensboro, NC, USA

Clothing/​Footwear, Sustainable

Reflecting the depressed state of the global textile markets, Greensboro, North Carolina-headquartered manufacturer of synthetic and recycled fibres and yarns Unifi saw its turnover for the year to July 3rd 2023 fall to $623.5 million from $815.7 million in the previous year. The company regsitered a net loss of $40.8 million for the year.

Net sales of $151.1 million for the fourth quarter of the year were down from $217.5 million and the company posted a loss of $13.7 million, including an $8.2 million impairment charge for the abandonment of specialised machinery constructed in the Americas during 2017.

The slump in sales was evident across all of Unifi’s markets, with net sales down 31.2% in theAmerica,s. 22.4% in Brazil and 35% in Asia in the fourth quarter.

Sales of Repreve recycled polyester accounted for $44.5 million, 29% of total sales in the fourth quarter. Unifi has so far transformed more than 35 billion plastic bottles into recycled fibre for new apparel, footwear, home goods and other consumer products and collaborates with many of the world’s most influential brands.

“Our results reflect continued demand instability across apparel and textile supply chains, which are being impacted by low levels of brand and retailer demand,” said CEO Eddie Ingle. “While the demand environment is expected to remain subdued during the balance of calendar 2023, we are encouraged by recent market share developments in both the Americas and Brazil segments, which should provide momentum for a much stronger fiscal 2024. Although there is continued uncertainty across our customer base, we believe the inventory destocking period is nearing its end.”

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