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    News & Update

    US-based leading innovators in recycled and synthetic yarns Unifi kicks off FY22 with 38% rise in sales



    Admin
    Oct 28, 2021

    '

    Unifi, a US-based leading innovators in recycled and synthetic yarns, has reported a 38.5 per cent sales growth to $195.9 million in the first quarter (Q1) of FY22 over the same period of prior fiscal. The performance was primarily driven by double digit growth across all business segments over the quarter of FY21, which was adversely impacted by the COVID-19 pandemic.

    “Our first quarter results demonstrate the team’s ability to expand our opportunities, grow our customer base and adapt to a rapidly changing macro environment for our industry. Strong performance in Brazil and Asia contributed to the favourable results, while the polyester and nylon segments continue to demonstrate recovery from the pandemic,” Eddie Ingle, chief executive officer of Unifi, said in a press release.

    Gross profit for the reported period was $26.1 million ($14.6 million), while operating income rose to $13.3 million ($2.9 million). Moreover, net income during the first quarter improved to $8.7 million ($3.4 million).

    The company’s two primary segments polyester and nylon posted increase in sales to $89.4 million ($69.0 million) and $20.1 million ($11.0 million) respectively. The sales from Asia surged to $51.4 million ($37.7 million) and Brazil went up to $33.7 million ($22.6 million).

    “Momentum for Repreve fibre products in Asia, Central America, and the US continues to be strong, and we remain focused on growing our innovative and sustainable product portfolio,” Ingle added.

    Disclaimer: This information has been collected through secondary research and posted by third party therefore textielmarket.in is not responsible for any errors in the same.

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