Fri, Aug 23, 7:32 PM (144 days ago)
In the fiscal year ended June 30, 2024, Unifi, Inc. reported a net loss of $47,395, reflecting a slight increase from the previous year's loss of $46,344. Revenue decreased by 6.6% to $582,209, driven by a 14.8% drop in average selling prices, despite an 8.2% increase in sales volumes. The Americas segment faced ongoing demand weakness, resulting in a gross loss of $17,630, while the Brazil segment saw improved profitability due to market share gains. The Asia segment reported a gross profit increase, benefiting from a strong sales mix. Operating expenses remained relatively stable, but restructuring costs and higher bad debt provisions weighed on profitability. Adjusted EBITDA showed a decline from $(4,085) to $(5,197), indicating operational challenges. Unifi's liquidity position remains adequate, with $67,637 in total liquidity, although macroeconomic uncertainties pose risks. The company has delayed capital expenditures to improve liquidity and anticipates investing $10,000 to $12,000 in fiscal 2025. The ongoing focus on innovation and sustainability, particularly through its REPREVE brand, is central to Unifi's strategy moving forward.