Unifi sees net income, net sales climb in Q1
David Perry -- Furniture Today, October 28, 2010
Greensboro, N.C. - Unifi Inc., a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials, reported strong growth in net income as well as a double-digit percentage increase in net sales in its first quarter.
Net income for the quarter, which ended Sept. 26, was $10.2 million or 17 cents per share, compared to $2.5 million or 4 cents per share for the prior year first quarter ended Sept. 27, 2009.
And Unifi's net sales for the period grew by 22% to $174 million versus $143 million in the year-ago quarter.
"We are pleased to begin our 2011 fiscal year with a profitable quarter, driven by the strong results of our underlying business," said Bill Jasper, president and ceo. "Although uncertainty remains around consumer demand amid rising raw material prices, we are prepared to react quickly and are confident in our ability to recoup raw material cost increases we are experiencing. Going forward, we will continue to focus on what got us here - driving rigorous continuous operational improvement across all areas of the organization, maintaining market share in all of our markets, and investing in the growth of our premier value-added products, especially Repreve."
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