Unifi, a leading innovator in recycled and synthetic yarns, expects demand for its Repreve fabric to grow in non-traditional markets as more brands seek out ways to reduce carbon footprints in their raw materials.
The company posted a sales decline to $606.5 million in fiscal 2020, which ended on June 28, compared to $708.8 million last year. It incurred a net loss of $57.2 million compared to net income of $2.4 million in FY19. The operating loss was $8.8 million compared to operating income of $10.9 million in FY19.
Gross profit for the year fell to $39.0 million (FY19: $66.3 million). Selling, general and administrative expenses were down to $43.8 million ($52.6 million). Sales of Polyester during FY20 dropped by16.6 per cent to $309.1 million. Sales in Brazil plunged by 28.7 per cent to $73.3 million and nylon sales decreased 31.3 per cent to $67.3 million. However, sales in Asia rose 15.2 per cent to $153 million.