By Will Feuer
UniFirst Corp. said Wednesday first-quarter profit fell compared with a year earlier as labor and merchandise costs rose in its core laundry business.
The Wilmington, Mass.-based workwear company reported net income of $33.7 million for its fiscal first quarter ended Nov. 27, down 19.6% from $41.9 million in the same period a year earlier.
Adjusted for $5.9 million of costs directly attributable to the company's CRM, ERP and branding initiatives, the company reported earnings of $2 a share, compared with expectations of $1.95 a share, according to analysts polled by FactSet.
Sales rose to $486.2 million from $446.9 million last year. Analysts surveyed by FactSet were looking for revenue of $475.6 million.
Operating margin in its core laundry business decreased to 8.5% from 12.4% in the latest quarter, primarily due to higher merchandise costs, energy and travel costs as a percentage of revenues as well as increased costs to hire and retain employees, the company said.
Write to Will Feuer at Will.Feuer@wsj.com
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January 05, 2022 at 08:20PM
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UniFirst Corp. 1Q Profit Falls on Higher Costs; Sales Rise - MarketWatch
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