UniFirst Q3 diluted EPS falls 39.8% to $1.33; core laundry margin narrows to 5.9% from 11.2%

UNIFIRST CORP

2022-Q3 EPS reported $4.07 revenue$1,484,408,000

Revenues up 10.2% to $511.5M, but operating income down 37.8% to $33.7M and net income down 40.3% to $25.1M.
Adjusted diluted EPS of $1.77 excludes $11.4M in CRM/ERP/branding initiative costs.
Core Laundry operating margin fell to 5.9% (8.4% adjusted) due to higher merchandise, energy and labor costs.
Specialty Garments revenue up 7.7% to $41.2M; operating margin decreased to 17.4% from 21.7%.
FY2022 guidance: revenue $1.993B-$2.0B, adjusted EPS $6.65-$6.85; Core Laundry adj. margin 8.3% at midpoint.

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