Yarn producer Unifi narrows loss

Greensboro, N.C. -- Polyester and nylon textured yarn producer Unifi reported a net loss of $9.2 million for its first quarter ended Sept. 23, an improvement from the loss of $10.1 million for the same period one year ago.

Unifi, which has been restructuring, said the loss was in part due to “$2.6 million in restructuring charges and a $4.5 million non-cash impairment charge to adjust the carrying value of the company's ownership interest in one of its equity affiliates.”

Quarterly sales of $170.5 million were up slightly from $169.9 million last year – and the 2007 results include volume from the Dillon acquisition, which took place in January.

"Unifi began its fiscal 2008 year with a solid quarter operationally,” said Ron Smith, cfo, pointing out that “the closure of our Kinston facility in October will allow us to reposition Unifi in the partially oriented yarn market, thereby competing more effectively."

Bill Jasper, president and ceo, added, “We will also accelerate our efforts to achieve profitability in our joint venture in China and position it for long-term success."

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!