UNIFI PROFITS GAIN 51.7% IN 3RD QUARTER
GREENSBORO, N.C. — Boosted by strong unit sales across all product lines, Unifi Inc. reported third-quarter earnings jumped 51.7 percent to $31.5 million, or 50 cents a share, from $20.7 million, or 32 cents, a year earlier.
Sales for the three months ended March 30 increased 16.7 percent to $438.3 million from $375.5 million.
The company said results were aided by the fact that there was one more operating week in the quarter than in the prior year’s period.
President and chief executive officer William T. Kretzer in a statement pointed to continued favorable unit growth in most domestic apparel and home furnishings categories, and broad-based export demand.
Products made in Ireland, he added, had strong volume, and gained in units and profits year over year.
For the nine months, earnings rose 63.1 percent to $84.2 million, or $1.31 a share, from $51.6 million, or 78 cents. Year-ago figures include a restructuring charge of $23.8 million. Sales gained 9.3 percent to $1.3 billion from $1.2 billion.
The company reported it’s on schedule to complete in August its texturing expansion in its domestic polyester business. It will also have pilot production in its polyester spinning plant in September, scaling up to full production beginning the first calendar quarter of 1998.