#Recycling / Circular Economy

2022-04-28

Unifi announces third quarter fiscal 2022 results, consistent with expectations

Unifi, Inc. (NYSE: UFI), makers of REPREVE® and one of the world’s leading innovators in recycled and synthetic yarns, today released operating results for the third fiscal quarter ended March 27, 2022.

Third Quarter Fiscal 2022 Overview

• Net sales were $200.8 million, an increase of 12.3% from the third quarter of fiscal 2021.

• Revenues from REPREVE® Fiber products represented 36% of net sales, compared to 34% in the third quarter of fiscal 2021. Similarly, REPREVE® Fiber products comprised 38% of year-to-date net sales, compared to 36% for the same year-to-date period of fiscal 2021.

• Gross profit was $19.1 million compared to $25.6 million for the third quarter of fiscal 2021. Gross margin was 9.5% compared to 14.3% for the third quarter of fiscal 2021.

• Operating income was $5.8 million compared to $8.6 million for the third quarter of fiscal 2021.

• Net income was $2.1 million, or $0.11 diluted earnings per share (“EPS”), compared to net income of $4.8 million, or $0.25 diluted EPS for the third quarter of fiscal 2021. Adjusted EPS1 was $0.14 and excludes the revision of an estimate for recovering non-income taxes in Brazil, compared to $0.25 for the third quarter of fiscal 2021.

• Adjusted EBITDA1 was $12.2 million compared to $15.9 million for the third quarter of fiscal 2021.

• The Company repurchased 50,000 shares of its common stock for $1.0 million during the third quarter of fiscal 2022 under a previously announced program. During fiscal 2022, the Company has repurchased 101,500 shares of its common stock for $2.2 million.

1 Adjusted EPS, Adjusted EBITDA and Net Debt are non-GAAP financial measures. The schedules included in this press release reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure.

Eddie Ingle, Chief Executive Officer of Unifi, said, “Our third quarter fiscal 2022 results were consistent with our expectations, with REPREVE® Fiber products comprising 36% of consolidated sales. This marks our second consecutive quarter of over $200.0 million in sales. We implemented further selling price adjustments and demonstrated solid progress against the difficult U.S. labor environment, exhibiting a definitive improvement in our Polyester and Nylon Segments’ gross margins since the December 2021 quarter.”

Ingle continued, “We are pleased with the gross margin improvement and we expect to continue making progress in the quarters ahead. Although we are carrying significant momentum into the fourth quarter, the lockdowns in China will adversely impact our overall profitability. Fortunately, we expect our constant pursuit of innovation and sustainability, combined with our regional competitive advantages, to help offset the temporary shortfall in China and continue to drive long-term growth for Unifi.”

“Production is a product”

From technical textiles and AI-driven robotics to the limitations of textile circularity: Professor Dr Thomas Gries looks back on more than two decades of development at ITA Aachen. In the interview, he explains why production technology remains a decisive success factor, discusses international collaborations and innovation ecosystems, and shares his views on the transformation of production landscapes and the challenges facing an increasingly regulated industry.

“We need to move away from the price trap and return to a value-driven mindset.”

With its new Textile Innovation Center, KARL MAYER is sending a strong signal for innovation, collaboration, and the future of textile applications. In this interview, Karl Josef Mayer discusses new opportunities in warp knitting, the processing of staple fibres, recycling, the changing role of machinery manufacturers, and why the textile industry must once again focus more strongly on the value of textiles. by Oliver Schmidt

“Innovation, resilience and international experience remain the great strengths of the Swiss textile machinery industry”

Geopolitical uncertainty, growing competitive pressure from China, new free trade agreements and the shift towards a circular economy are currently reshaping the global textile industry. In this interview, Cornelia Buchwalder discusses the current mood within the Swiss textile machinery sector, the industry’s distinctive innovative strength, new market opportunities in India and Asia, and the technological trends that could shape the upcoming trade fair cycle leading up to ITMA 2027.

NEUMÜHLE launches mono-material hoodie designed for textile recycling

With the Circular Mono Hoodie, Zurich-based label NEUMÜHLE introduces a new essential designed around a single-material principle. The textile construction is cotton throughout, right down to the sewing thread. Entirely free from elastane, the hoodie launches as a Limited Drop for CHF 139. Take-back, collection and existing recycling partnerships complement its circular design.

New Look, M&S, Sainsbury's and Oxfam join forces to boost the UK’s circular textile economy

New Look, M&S, Sainsbury’s, Oxfam and Circle-8 today announce The Circuit, a new collaborative model bringing together retailers, textile recovery partners, automated sorting, recyclers, digital innovators and manufacturers to help build new circular textile value chains and transform UK generated post-consumer textiles into future circular raw materials. The first phase of the initiative will focus on testing, learning and developing the operational frameworks needed to support future scale-up.

SHIMA SEIKI to showcase digital product creation at Apparel Sourcing Week

Leading digital textile solutions provider SHIMA SEIKI MFG., LTD. of Wakayama, Japan will exhibit at Apparel Sourcing Week 2026 in Bengaluru, India next month. The exhibition provides a platform for the entire apparel value chain, bringing together manufacturers, brands, suppliers and solution providers in one location.

SNA GZ accelerates its on-demand production strategy with Kornit Digital

SNA GZ is leveraging the Kornit Atlas MAX PLUS to expand its music merchandise production, streamline e-commerce order fulfillment, and grow its print-on-demand business across Europe. This investment increases SNA GZ's textile production capacity by 150% (2.5×), enabling the company to meet growing demand and support its continued expansion.

New Cotton Review examines competitiveness, market risk, and opportunities

From moving record volumes of Brazilian cotton to market, to managing price volatility, unlocking Ethiopia’s production potential, and strengthening African textile trade, the latest edition of Cotton: Review of the World Situation examines some of the most consequential opportunities and challenges facing the global cotton industry.

Long John puts KARL MAYER's RDJ 7/3 into operation and strengthens its position as a market leader

KARL MAYER has just unveiled its new RDJ 7/3 Jacquard Double Needle Bar Raschel Machine in the international trade press, and the innovation is already causing a stir in the market: The Long John Group, a leading manufacturer of performance footwear fabrics and a long-standing partner of renowned brands, was the first customer to invest in the new machine and celebrated its official launch at its Indonesian plant on August 20.