Unifi falls after cutting Q2 sales forecast

Unifi

19/01/2023 20:16

** Shares of textile solutions provider Unifi Inc  UFI.N  fall
10.6% to $7.96 during market hours
  ** Co now sees Q2 sales in the range of $135 mln - $137 mln,
down about 24% - 25% vs Q1    
  ** UFI had previously expected Q2 sales to fall 10%-15% vs Q1
  ** "Results for the period are a reflection of continued
demand disruption from inventory destocking and slowed global
apparel production, which has been influenced by, among other
things, the impact of COVID-19 in China," says CEO
  ** UFI fell 62.8% last year
 (Reporting by Vedant Vinayak Vichare)
 ((Vedant.VinayakVichare@thomsonreuters.com;))