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Unifirst Corporation (UNF) has reported 4.18 percent fall in profit for the quarter ended Feb. 25, 2017. The company has earned $22.52 million, or $1.10 a share in the quarter, compared with $23.50 million, or $1.16 a share for the same period last year. Revenue during the quarter grew 7.80 percent to $391.43 million from $363.10 million in the previous year period. Gross margin for the quarter contracted 43 basis points over the previous year period to 36.32 percent. Total expenses were 90.77 percent of quarterly revenues, up from 89.48 percent for the same period last year. That has resulted in a contraction of 128 basis points in operating margin to 9.23 percent.
Operating income for the quarter was $36.15 million, compared with $38.19 million in the previous year period.
Ronald D. Croatti, UniFirst president and chief executive officer said, "We are encouraged by the improvement during the second quarter of the Core Laundry Operations organic growth rate. Recent trends indicate that wearer levels at existing customers have stabilized after enduring two years of significant reductions in our North American energy-dependent markets. In addition, overall new sales as well as customer retention are also trending positively compared to the first half of 2016."
Unifirst Corporation projects revenue to be in the range of $1,550 million to $1,565 million for financial year 2017. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $4.85 to $5.
Operating cash flow improves
Unifirst Corporation has generated cash of $114.75 million from operating activities during the first half, up 8.79 percent or $9.27 million, when compared with the last year period. The company has spent $163.48 million cash to meet investing activities during the first six months as against cash outgo of $43.99 million in the last year period.
The company has spent $0.71 million cash to carry out financing activities during the first six months as against cash outgo of $1.46 million in the last year period.
Cash and cash equivalents stood at stood at $313.54 million as at Feb. 25, 2017.
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