Net sales for the quarter stood at $161.3 million as compared to $172.2 million in the prior year, a fall of 6.32 per cent. The fall was a result of the devaluation of Brazilian Real, lower sales pricing associated with raw material costs and the timing of Easter holidays, according to a press release by Unifi.
The improvement in the gross margin was attributed to the successful strategy by the company of enriching their product mix, growth in their value-added offerings, strong growth in the international segment and favourable raw material pricing.
Gross profit was up 5.98 per cent to $23.4 million in Q3 of FY16 as compared to $22 million in the same period of last fiscal, ended on March 29, 2015.
Net income was $9.7 million or $0.54 per basic share as compared to $10 million or $0.55 per basic share in the prior year quarter. Adjusted net income was $10 million or $0.56 of adjusted EPS as compared to adjusted net Income of $9.9 million or $0.54 of adjusted EPS previously.
Commenting on the results, Bill Jasper, chairman and CEO of Unifi said, “We are pleased with this quarter's results, notably our gross margin, which improved 170 basis points.”
“We were particularly excited to see our international segment benefit from strong market share gains in Brazil and from our growing portfolio in China,” he added. (MCJ)
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