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Shares of textile manufacturer Unifi, Inc. hit a 13-year low after it reported disastrous 1QFY23 financials and rescinded its FY23 outlook.
Quarterly net sales fell 8% year-over-year due to significant weakness in Asia, while price increases could not keep pace with rising input costs, negatively impacting margins.
Trading at a price-to-FY23E net sales of 0.2, the recent insider by two board members after the November 3, 2022 report merited a deeper dive.
A full investment analysis follows in the paragraphs below.