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Unifi Provides Preliminary Third Quarter Business Update

markets.businessinsider.com

GREENSBORO, N.C., April 16, 2018 /PRNewswire/ -- Unifi, Inc. (NYSE: UFI), one of the world's leading innovators in synthetic and recycled yarns, today announced preliminary financial results for its fiscal third quarter ended March 25, 2018. "While third quarter net sales grew 3% and show that our growth investments are taking hold, profitability was considerably lower than we forecasted when we began our third quarter due to a challenging global cost environment and softer domestic demand," said Kevin Hall, Chairman and CEO of Unifi. "As we discussed in our second quarter earnings call, we anticipated that raw material costs and a challenging domestic landscape would pressure third quarter gross margins, but the operating environment proved even more difficult.