UniFirst Corporation Q2 FY20 revenue rises 6.2% to $465 mn

02 Apr '20

2 min read

Pic: UniFirst Corporation

UniFirst Corporation, a North American leader in the supply and servicing of uniform and workwear programmes, posted 6.2 per cent revenue growth to $464.6 million in second quarter (Q2) FY20 ended on February 29, 2020 compared to revenue of $437.4 million in same period prior year. Year-over-Year (YoY) revenue for 26 weeks was $929.9 million.

“We are pleased with the results of our second quarter which largely met our expectations and showed solid top and bottom-line growth,” Steven Sintros, UniFirst president and chief executive officer, said in a press release.

Operating income over quarter decreased 29.3 per cent to $44.1 million (Q2 FY19: $62.4 million). Net income in Q2 FY20 were $34.6 million. Selling and administrative expenses in the quarter rose to $93.0 million (Q2 FY19: $68.3 million).

Core laundry operations revenue increased 4.5 per cent to $412.2 million. Specialty garments revenue jumped 21 per cent to $36.0 million due to higher direct sale activity in the quarter as well as strong performance in the cleanroom and European nuclear operations, as reported.

“Due to the evolving pandemic, our ability to assess the financial impact on our business remains limited. As a result, we are not providing guidance for the remainder of our fiscal 2020. Although we are not able to quantify, we expect the disruption related to this pandemic will clearly have a negative impact on our revenues and profitability,” Sintros said while talking about the future financial outlook.

Fibre2Fashion News Desk (JL)

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