US: Unifi Q3 profit soars on improved sales
- Q3 profit soars to $4.7m from $1.4m
- Sales up 5.1% to $176.9m
- Strong performance for domestic business
US yarn manufacturer Unifi saw its third-quarter profit more than triple, thanks to higher sales and lower domestic depreciation expenses.
Net income reached US$4.7m during the three months to 30 March, up from $1.4m in the same period of last year.
Net sales increased 5.1% to $176.9m, compared to $168.3m in the prior year.
The company said sales this year were helped by the timing of the holiday shutdown, as well as greater contributions from its domestic premier and other value-added yarns.
"The operating performance in our domestic business remained strong in the March quarter, both in our value-added product segments and commodity business," said president and COO Roger Berrier.
"We also remain encouraged by the stability of synthetic apparel produced in the CAFTA region and by the growth during the March quarter. As brands and retailers continue to focus on this region for additional sourcing opportunities, we will continue to add incremental capacity."
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Yarn maker Unifi Inc is increasing its polyester texturing capacity in the US and Central America to support growing demand for synthetic yarn in the NAFTA and CAFTA regions....
Increased demand for textured polyester yarn in North and Central America helped Unifi to post a strong increase in second quarter net profit....
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