Unifi loses $16.5 million
The financial losses at Unifi have mushroomed again.
The Greensboro-based yarn maker announced Thursday that the company lost $16.5 million, or 32 cents per share, for the quarter ending Dec. 24.
That compares with a loss of $3.8 million, or 7 cents a share, for the prior December quarter.
The company blamed the red numbers primarily on sales declines in its partially oriented yarns.
Bill Lowe, the company’s chief operating officer, said inventory adjustments throughout the supply chain during the past quarter “appear largely complete.” He added that the company’s plants are running at expected capacities.
In recent quarters, Unifi had made progress in its efforts to turn a profit. But in the past two quarters, the company has lost more than $27 million.
On the bright side, Unifi stock closed at $2.33 Thursday, up nearly 22 percent.