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Unifi(UFI) - 2023 Q2 - Quarterly Report
2023-02-08 13:11
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 1, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-10542 UNIFI, INC. (Exact name of registrant as specified in its charter) For the transition period from to New York 11-2165495 (State or other jurisdiction of (I. ...
Unifi(UFI) - 2023 Q2 - Earnings Call Transcript
2023-02-02 18:57
Financial Data and Key Metrics Changes - Net sales for Q2 2023 were $136.2 million, down 32% compared to Q2 2022, leading to stranded fixed costs that negatively impacted profitability [9][10][15] - Consolidated gross profit decreased from $16.9 million to negative $8.0 million, with gross margin declining from 8.4% to negative 5.9% [16] Business Line Data and Key Metrics Changes - The Americas segment saw revenues decrease by 25.7% due to significantly lower sales volumes, while Brazil experienced an 8.1% increase in sales volume, offset by lower average selling prices [15][16] - REPREVE fiber products accounted for 31% of net sales, significantly impacted by lower sales in Asia, but expected to rebound as the operating environment normalizes [12] Market Data and Key Metrics Changes - Demand disruption in the US caused by inventory destocking from retailers led to a slowdown in global apparel production, affecting overall sales [8][9] - In Asia, operations maintained a strong margin profile despite lower demand, with expectations for recovery following the Lunar New Year [11][19] Company Strategy and Development Direction - The company is focusing on cost reductions, managing inventories aggressively, and has successfully generated cash despite a challenging environment [6][10] - There is optimism regarding future growth opportunities, particularly in sustainable fibers, as demand for recycled materials increases [6][8] Management Comments on Operating Environment and Future Outlook - Management noted that the operating environment has been difficult, but there are signs of recovery with improved demand trends observed in January [5][19] - The company expects modest sequential operating improvement in Q3 2023, with a return to positive gross profit anticipated [19][23] Other Important Information - The company refinanced its credit facility, increasing borrowing capacity from $200 million to $230 million, providing liquidity during the current demand softness [17][18] - The company has $38.9 million available for share repurchases, with no repurchases conducted in fiscal 2023 so far [18] Q&A Session Summary Question: What kind of "modest" sequential increase in revenue and significant operating improvement looks like for fiscal Q3? - Management expects a return to positive gross profit and a decent increase in volumes across all segments, particularly in Brazil and Asia [21][23] Question: Any color on the magnitude of the impact from increased Asian competition? - Management indicated that Brazilian operations faced unusual pricing pressures from low-cost Asian imports, but expect margins to improve as higher-priced raw materials flow through [24] Question: What was the sort of volume versus pricing in the quarter? - Management noted that input costs are stabilizing, and they expect to hold pricing as volumes return [26][30] Question: Have you sold most of the high-cost inventory by now? - Management confirmed that inventory has flushed through in the US, while Brazil's longer supply chain means it will take more time [28] Question: Are you seeing any signs that things have picked up post-Lunar New Year? - Management reported positive signals in February, with increased demand for REPREVE and expectations for brands to place orders soon [29] Question: What is your confidence level regarding pricing in the current macro environment? - Management is being strategic with pricing, balancing between volumes and opportunities, and is optimistic about holding pricing as volumes recover [30][31]
Unifi(UFI) - 2023 Q2 - Earnings Call Presentation
2023-02-02 12:13
Exhibit 99.2 1 CONFERENCE CALL PRESENTATION Second Quarter Ended January 1, 2023 (Unaudited Results) CAUTIONARY STATEMENTS Forward-Looking Statements Certain statements included herein contain "forward-looking statements" within the meaning of federal securities laws about the financial condition and results of operations of the Company that are based on management's beliefs, assumptions and expectations about our future economic performance, considering the information currently available to management. An ...
Unifi(UFI) - 2023 Q1 - Quarterly Report
2022-11-09 12:00
FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 2, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10542 UNIFI, INC. (Exact name of registrant as specified in its charter) New York 11-2165495 (State or other jurisdiction of (I. ...
Unifi(UFI) - 2023 Q1 - Earnings Call Transcript
2022-11-06 07:30
Unifi, Inc. (NYSE:UFI) Q1 2023 Earnings Conference Call November 4, 2022 8:30 AM ET Company Participants A Eaker - Vice President of Finance and Investor Relations Albert Carey - Executive Chairman Edmund Ingle - Chief Executive Officer and Director Craig Creaturo - Executive Vice President and Chief Financial Officer Conference Call Participants Daniel Moore - CJS Securities Anthony Lebiedzinski - Sidoti & Co Operator Good morning. My name is Devin, and I will be your conference operator today. At this tim ...
Unifi(UFI) - 2023 Q1 - Earnings Call Presentation
2022-11-06 07:22
1 CONFERENCE CALL PRESENTATION First Quarter Ended October 2, 2022 (Unaudited Results) CAUTIONARY STATEMENTS Forward-Looking Statements Certain statements included herein contain "forward-looking statements" within the meaning of federal securities laws about the financial condition and results of operations of the Company that are based on management's beliefs, assumptions and expectations about our future economic performance, considering the information currently available to management. An example of su ...
Unifi (UFI) Investor Presentation - Slideshow
2022-09-15 17:25
UNIFI. NYSE: UFI INVESTOR PRESENTATION SEPTEMBER 2022 CAUTIONARY STATEMENTS Factors that could contribute to such differences include, but are not limited to: the competitive nature of the textile industry and the impact of global competition; changes in the trade regulatory environment and governmental policies and legislation; the availability, sourcing and pricing of raw materials; general domestic and international economic and industry conditions in markets where the Company competes, including economi ...
Unifi(UFI) - 2022 Q4 - Annual Report
2022-08-31 11:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 3, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 1-10542 UNIFI, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Ne ...
Unifi(UFI) - 2022 Q4 - Earnings Call Transcript
2022-08-11 19:19
Unifi, Inc. (NYSE:UFI) Q4 2022 Earnings Conference Call August 11, 2022 8:30 AM ET Company Participants A.J. Eaker - Vice President of Finance & Investor Relations Albert Carey - Executive Chairman Edmund Ingle - Chief Executive Officer & Director Craig Creaturo - Executive Vice President & Chief Financial Officer Conference Call Participants Daniel Moore - CJS Securities Gus Richard - Northland Anthony Lebazynski - Sidoti Operator Good morning. My name is Briana, and I will be your conference operator toda ...
Unifi(UFI) - 2022 Q3 - Quarterly Report
2022-05-04 11:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 27, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10542 UNIFI, INC. (Exact name of registrant as specified in its charter) New York 11-2165495 (State or other jurisdiction of (I.R ...