Unifi reports Q2 net loss $19.8M; unveils Profitability Improvement Plan targeting $20M annual savings

UNIFI INC

2024-Q2 EPS reported -$1.83 revenue$275,761,000

Net sales $136.9M (+0.5% YoY); net loss $19.8M ($1.10/sh) vs $18.0M loss prior year.
Adjusted EBITDA ($5.5M) vs ($13.0M) YoY; REPREVE revenue $45.7M (33% of sales).
Profitability Improvement Plan to reduce expenses $10-15M annually; sales transformation to add $6M, total $20M run-rate savings by FY2025.
A.J. Eaker promoted to CFO; Meredith Boyd to Chief Product Officer; Brian Moore to President of Unifi Manufacturing.
Severance charge of $2.4M recorded in Q2; headcount reductions completed.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Andrew J. Eaker

Executive Vice President, Chief Financial Officer, and Treasurer

UFI · UNIFI INC

Effective: 2024-01-30
Filed: January 31, 2024, 6:59 PM ET

appointed Andrew J. ("A.J.") Eaker as the Company's Executive Vice President, Chief Financial Officer (principal financial officer and principal accounting officer), and Treasurer, effective immediately.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UNIFI INC reported second fiscal quarter ended December 31, 2023 results: revenue $136.9 million, net income Net loss was $19.8 million, or ($1.10) per share, EPS ($1.10) per share.

Period: second fiscal quarter ended December 31, 2023
Revenue: $136.9 million
Net income: Net loss was $19.8 million, or ($1.10) per share
EPS: ($1.10) per share
Result: reported results

Exact text from the filing

Net sales were $136.9 million, an increase of 0.5% from the second quarter of fiscal 2023, driven by higher sales volumes that were muted by lower pricing in response to lower raw material costs.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Andrew J. Eaker was appointed as Executive Vice President, Chief Financial Officer, and Treasurer at UNIFI INC.

Action: appointed
Role: Executive Vice President, Chief Financial Officer, and Treasurer

Exact text from the filing

appointed Andrew J. ("A.J.") Eaker as the Company's Executive Vice President, Chief Financial Officer (principal financial officer and principal accounting officer), and Treasurer, effective immediately.

View on SEC.gov

23 earnings releases filed in the last 30 days. Browse all earnings releases →

UNIFI INC filing history →

Source: SEC EDGAR

accession 0000950170-24-009475

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