UniFirst Corp Q1 2025 10-Q Filed

Ticker: UNF · Form: 10-Q · Filed: Jan 10, 2025 · CIK: 717954

Unifirst CORP 10-Q Filing Summary
FieldDetail
CompanyUnifirst CORP (UNF)
Form Type10-Q
Filed DateJan 10, 2025
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.10
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, revenue, quarterly-report

TL;DR

UniFirst Q1 2025 10-Q is in: Revenue reported, retained earnings updated. Check financials.

AI Summary

UniFirst Corporation filed its 10-Q for the period ending November 30, 2024. The company reported sales revenue for the first quarter of fiscal year 2025, with specific segment revenues for "First Aid" and "Specialty Garments". The filing also details changes in retained earnings and common stock for the period.

Why It Matters

This filing provides investors with UniFirst Corporation's financial performance and position for the first quarter of fiscal year 2025, including revenue breakdowns and balance sheet details.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not contain any immediately apparent high-risk disclosures.

Key Numbers

Key Players & Entities

FAQ

What were UniFirst Corporation's total sales revenues for the first quarter of fiscal year 2025?

The filing indicates sales revenue for the period from September 1, 2024, to November 30, 2024, but does not provide a specific total dollar amount in the provided snippet.

Which operating segments are specifically mentioned in this filing?

The filing mentions 'First Aid' and 'Specialty Garments' as operating segments for the period September 1, 2024, to November 30, 2024.

What is the fiscal year end for UniFirst Corporation?

UniFirst Corporation's fiscal year ends on August 29.

When was UniFirst Corporation previously known as Interstate Uniform Services Corp/MA?

The company changed its name from Interstate Uniform Services Corp/MA on April 10, 1984.

What is the SEC file number for UniFirst Corporation?

The SEC file number for UniFirst Corporation is 001-08504.

Filing Stats: 4,406 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2025-01-10 08:36:46

Key Financial Figures

Filing Documents

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION 3

– Financial Statements (unaudited)

Item 1 – Financial Statements (unaudited) 3 Consolidated Statements of Income for the Thirteen Weeks ended November 30, 2024 and November 25, 2023 3 Consolidated Statements of Comprehensive Income for the Thirteen Weeks ended November 30, 2024 and November 25, 2023 4 Consolidated Balance Sheets as of November 30, 2024 and August 31, 2024 5 Consolidated Statements of Shareholders' Equity for the Thirteen Weeks ended November 30, 2024 and November 25, 2023 6 Consolidated Statements of Cash Flows for the Thirteen Weeks ended November 30, 2024 and November 25, 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

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

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 24

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 34

– Controls and Procedures

Item 4 – Controls and Procedures 35

– OTHER INFORMATION

Part II – OTHER INFORMATION 36

– Legal Proceedings

Item 1 – Legal Proceedings 36

– Risk Factors

Item 1A – Risk Factors 36

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 36

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 36

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 36

– Other Information

Item 5 – Other Information 37

– Exhibits

Item 6 – Exhibits 38

Signatures

Signatures 2 Certifications Ex-31.1 Section 302 Certification of CEO Ex-31.2 Section 302 Certification of CFO Ex-32.1 Section 906 Certification of CEO Ex-32.2 Section 906 Certification of CFO 2

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS Consolidated State ments of Income UniFirst Corporation and Subsidiaries (Unaudited) Thirteen Weeks Ended (In thousands, except per share data) November 30, 2024 November 25, 2023 Revenues $ 604,908 $ 593,525 Operating expenses: Cost of revenues (1) 381,054 383,796 Selling and administrative expenses (1) 133,515 122,859 Depreciation and amortization 34,808 33,733 Total operating expenses 549,377 540,388 Operating income 55,531 53,137 Other (income) expense: Interest income, net ( 2,695 ) ( 2,834 ) Other expense, net 290 716 Total other income, net ( 2,405 ) ( 2,118 ) Income before income taxes 57,936 55,255 Provision for income taxes 14,831 12,930 Net income $ 43,105 $ 42,325 Income per share – Basic: Common Stock $ 2.41 $ 2.35 Class B Common Stock $ 1.93 $ 1.88 Income per share – Diluted: Common Stock $ 2.31 $ 2.26 Income allocated to – Basic: Common Stock $ 36,213 $ 35,566 Class B Common Stock $ 6,892 $ 6,759 Income allocated to – Diluted: Common Stock $ 43,105 $ 42,325 Weighted average shares outstanding – Basic: Common Stock 15,012 15,111 Class B Common Stock 3,574 3,590 Weighted average shares outstanding – Diluted: Common Stock 18,666 18,769 (1) Exclusive of depreciation of the Company's property, plant and equipment and amortization of its intangible assets. The accompanying notes are an integral part of these Consolidated Financial Statements. 3 Consolidated Statements of Comprehensive Income UniFirst Corporation and Subsidiaries (Unaudited) Thirteen Weeks Ended (In thousands) November 30, 2024 November 25, 2023 Net income $ 43,105 $ 42,325 Other comprehensive loss: Foreign currency translation adjustments ( 4,936 ) ( 151 ) Change in fair value of derivatives, net of income taxes 41 ( 12

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 1. Basis of Presentation These Consolidated Financial Statements of UniFirst Corporation (the "Company") included herein have been prepared, without audit, in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the information furnished reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period. It is suggested that these Consolidated Financial Statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2024. There have been no material changes in the accounting policies followed by the Company during the current fiscal year other than with respect to the recent accounting pronouncements discussed in Note 2, " Recent Accounting Pronouncements ". Results for an interim period are not indicative of any future interim periods or for an entire fiscal year. 2. Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively

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