Unifi, Inc., has shared its latest report on the sales and market. According to the report for the fourth fiscal quarter and fiscal year ended July 3, 2022, net sales were $815.8 million, an increase of 18% from the fourth quarter of fiscal 2021.
This is the highest sales for a decade. In the fourth quarter of fiscal 2022, UNIFI realigned its reportable segments to correspond with changes to its operating model, management structure, and organizational responsibilities.
Revenues from REPREVE Fiber products represented 36% of consolidated net sales, compared to 37%.
The gross margin was 9.9%, compared to 14.0%. Operating income was $28.6 million, compared to $38.6 million. Net income was $15.2 million, compared to $29.1 million. The following reflects UNIFI’s expectations for fiscal 2023, in which the first quarter will exhibit the most profitability pressures, and quarterly performance is anticipated to improve sequentially throughout the year:
• Sales volume and REPREVE Fiber sales growth to drive net sales between $855 million and $885 million, which would represent an increase of 5% or more from the level achieved in fiscal 2022
• Adjusted EBITDA to be between $48.0 million and $57.0 million. This range anticipates that current headwinds from customer demand patterns and input cost dynamics will be most pronounced in the Americas segment and will continue for at least the first half of the fiscal year.
• Effective tax rate to be between 55% and 65%, assuming no significant changes in existing tax legislation.
• Capital expenditures of approximately $35.0 million to $40.0 million as UNIFI continues investing in new yarn texturing machinery within the U.S., El Salvador, and Brazil. Such capital expenditure levels will be funded by available financing arrangements, including approximately .
0 million to $12.0 million of routine annual maintenance.
