US: Unifirst FY profit surges 24% on lower costs
- Full-year profit up 24.4% to US$75.9m
- Revenues slightly down to $1.013bn
- Lower costs drive Q4 and FY profits
Workwear and uniform specialist Unifirst recorded a 24% leap in full-year profits, as lower costs offset a slight decline in revenues.
The US company said fourth quarter revenues fell 3.8% to US$241.5m, leaving full-year revenues slightly lower than last year at $1.013bn.
Net income for the fourth quarter was up 38.6% to $17m, lifting full-year profit by 24.4% to $75.9m.
"The rapid pace of job losses and related wearer reductions in our customer base caused a sequential decline in our quarterly revenues during the year, even as we produced solid levels of new sales and customer retention," said Unifirst president and CEO Ronald D Croatti.
"Despite these challenging economic conditions, we were able to achieve record profit levels."
Unifirst's core laundry revenues fell 4% in the fourth quarter, but the company's income from operations increased 31%, driven by lower energy, payroll and merchandise costs.
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