Unifi, Inc. (NYSE:UFI) Q2 2024 Earnings Conference Call February 1, 2024 10:30 AM ET
Company Participants
Albert Carey - Executive Chairman
Edmund Ingle - CEO
Andrew Eaker - Treasurer
Conference Call Participants
Anthony Lebiedzinski - Sidoti
Operator
Good morning, and thank you for attending Unifi's Second Quarter Fiscal 2024 Earnings Conference Call. Today's conference is being recorded and all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session.
Speakers for today's call include Al Carey, Executive Chairman; Eddie Ingle, Chief Executive Officer; A.J. Eaker, Chief Financial Officer. During this call, management will be referencing a webcast presentation that can be found in the Investor Relations section of unifi.com. Please familiarize yourself with Page 3 of that slide deck for cautionary statements and non-GAAP measures.
I will now turn the call over to Al Carey. Al?
Albert Carey
Thank you. Good morning, everyone, and thanks for joining our call this morning. I'd like to begin this call by telling you a little bit about some actions that we're taking to improve the long-term performance of the company and allow us to reach the potential that we believe that we've got. I'm not going to speak about the Q2 results, as Eddie and A.J. are going to take you through those in just a few minutes.
The only thing I'd say about this quarter two is that it's right about where we told you it would be during our last earnings call. We continue to experience the softness in the apparel category and the high inventory levels in that supply chain. However, there are signs of a gradual pickup in our sales, and that should continue as we go through the balance of fiscal 2024. So, for the next six months.
The industry has had a solid end of the year apparel sales, inventories appear to be pretty much back to pre-COVID levels. Now for the last 12 months to 18 months, it's been a very difficult period. We've looked at -- we've had to deal with the macro issues that are affecting the apparel category and our volumes. But as you have heard before, don't waste the crisis, and we're not going to.
We found some weaknesses in our business as we've gone through the last 12 months, and we think that we can turn those into opportunities for growth if we take the right actions. And that's exactly what we've done, and it's actually already underway. We did a deep dive with our organizational structure and the processes and the costs that are associated with those, and we are taking out significant costs and improving our operational efficiencies in North America.