Unifi, Inc. (NYSE:UFI) Q4 2024 Earnings Call Transcript August 22, 2024 9:00 AM ET
Company Participants
Al Carey - Executive Chairman
Eddie Ingle - CEO
A.J. Eaker - CFO
Conference Call Participants
Anthony Lebiedzinski - Sidoti
Operator
Good morning, and thank you for attending Unifi's Fourth 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 speaker's 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. And 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 2 of the slide deck for cautionary statements and non-GAAP measures.
And now I will turn the call over to Al Carey. Al, the floor is yours.
Al Carey
Thank you, Kathleen. Good morning, everybody, and thank you very much for joining us on the call today. I'm going to start with a brief, but broad overview of our performance for Q4 seeing a couple of insights that come out for us. And then I'm going to turn it over immediately to Eddie and A.J., who will provide you with the real details of the quarter.
So the first insight was this broader textile and apparel industry sales are coming back a lot slower than we expected, but they are improving. And while the inventory to sales ratios at the retail level and for these brands are now close to the norms and at pre-COVID levels, the customers are still very cautious about building back inventories and then watching their cash and they're keeping an eye on what I'd call a sluggish consumer trend. But retail sales for apparel and furnishings for the first half of the year were growing at about low single-digits. And if you factor in inflation, they're probably flat to slightly down versus a year ago.
Our sales for the quarter -- for this fourth quarter are better than the previous quarters of 2024 and they're better than last year's Q4. Our EBITDA was $5.9 million and it's substantially better than the last three quarters and better performances attributed mostly to these quarter two and quarter three cost reductions that, that we told you about last time. So most of those cost reductions are now fully in place.