UniFirst Corp Files 2024 Annual Report

TL;DR

UniFirst filed its 2024 10-K. All systems go.

AI Summary

UniFirst Corporation filed its 10-K for the fiscal year ending August 31, 2024, reporting on its performance and financial condition. The company, headquartered in Wilmington, MA, operates in the personal services sector. This filing provides a comprehensive overview of its business, financial statements, and risk factors for investors and stakeholders.

Why It Matters

This 10-K filing provides crucial insights into UniFirst Corporation's financial health and operational performance over the past fiscal year, impacting investor decisions and market perception.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Players & Entities

• UNIFIRST CORP (company) — Filer
• Wilmington, MA (location) — Company Headquarters
• 0000717954 (company_id) — Central Index Key
• 20240831 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $0.10 — nge on Which Registered Common Stock, $0.10 par value per share UNF New York St

Filing Documents

• unf-20240831.htm (10-K) — 3683KB
• unf-ex19_1.htm (EX-19.1) — 59KB
• unf-ex19_2.htm (EX-19.2) — 104KB
• unf-ex21.htm (EX-21) — 17KB
• unf-ex23_1.htm (EX-23.1) — 6KB
• unf-ex31_1.htm (EX-31.1) — 16KB
• unf-ex31_2.htm (EX-31.2) — 16KB
• unf-ex32_1.htm (EX-32.1) — 8KB
• unf-ex32_2.htm (EX-32.2) — 9KB
• img19634246_0.jpg (GRAPHIC) — 105KB
• img19634246_1.jpg (GRAPHIC) — 53KB
• img49615712_0.jpg (GRAPHIC) — 63KB
• img49615712_1.jpg (GRAPHIC) — 63KB
• img50539233_0.jpg (GRAPHIC) — 23KB
• 0000950170-24-127140.txt ( ) — 17889KB
• unf-20240831.xsd (EX-101.SCH) — 2001KB
• unf-20240831_htm.xml (XML) — 4065KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 16 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 PART II 18 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6. [ Reserved ] 20 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Consolidated Statements of Income for each of the three years in the period ended August 31, 2024 37 Consolidated Statements of Comprehensive Income for each of the three years in the period ended August 31, 2024 38 Consolidated Balance Sheets as of August 31, 2024 and August 26, 2023 39 Consolidated Statements of Shareholders' Equity for each of the three years in the period ended August 31, 2024 40 Consolidated Statements of Cash Flows for each of the three years in the period ended August 31, 2024 41

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 42 Report of Ernst & Young LLP, Independent Registered Public Accounting Firm 71 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 73 Item 9A.

Controls and Procedures

Controls and Procedures 73 Management's Report on Internal Control Over Financial Reporting 74 Report of Ernst & Young LLP, Independent Registered Public Accounting Firm 76 Item 9B. Other Information 78 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 78 PART III 78 Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.

Executive Compensation

Executive Compensation 78 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accountant Fees and Services 79 PART IV 80 Item 15. Exhibits and Financial Statement Schedules 80 Item 16. Form 10-K Summary 83 PART I This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause such a difference are discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations"; "Safe Harbor for Forward-Looking Statements" and "Risk Factors" included elsewhere in this Annual Report on Form 10-K.

B USINESS

ITEM 1. B USINESS GENERAL UniFirst Corporation, a corporation organized under the laws of the Commonwealth of Massachusetts in 1950, together with its subsidiaries, hereunder referred to as "we", "our", the "Company", or "UniFirst", is one of the leading providers in the supply and servicing of uniform and workwear programs, facility management and service products, as well as first aid and safety supplies and services in North America. We design, manufacture, personalize, rent, clean, deliver, and sell a wide range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, aprons and specialized protective wear, such as flame resistant and high visibility garments. We also rent and sell industrial wiping products, floor mats, facility management and service products and other non-garment items, and provide restroom and cleaning supplies and first aid cabinet services and other safety supplies as well as certain safety training to a variety of manufacturers, retailers and service companies. We serve businesses of all sizes across multiple industry sectors. At certain specialized facilities, like nuclear plants, we also decontaminate and clean work clothes and other items that may have been exposed to radioactive materials, and service special cleanroom protective wear and facilities. Our principal services include providing customers with uniforms and other non-garment items, picking up soiled uniforms or other items on a periodic basis (usually weekly), and delivering, at the same time, cleaned and processed items. We offer uniforms in a wide variety of styles, colors, sizes and fabrics, often with personalized emblems selected by the customer. Our centralized services, specialized equipment and economies of scale generally allow us to be more cost effective in providing garment solutions and services than customers could be themselves, particularly those customers with high employee turnover rates. During the fiscal

RIS K FACTORS

ITEM 1A. RIS K FACTORS The statements in this section, as well as statements described e

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View this 10-K filing on SEC EDGAR