Summary
- Shares of textile manufacturer Unifi, Inc. hit a 13-year low after it reported disastrous 1QFY23 financials and rescinded its FY23 outlook.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.
For further details see:
Unifi, Inc.: A First Look