UniFirst revenues up 6.6% in Q1 of fiscal 2011

UniFirst Corporation announced market Watch Report  for the first quarter of fiscal 2011, which ended on November 27, 2010.

Revenues for the first quarter were $273.1 million, up 6.6% compared to $256.2 million for the same period in the prior year. First quarter net income was $23.8 million ($1.20 per diluted common share), a slight increase in net income from the first quarter of fiscal 2010 of $23.6 million ($1.21 per diluted common share).
Ronald D. Croatti, UniFirst President and Chief Executive Officer said, "We are pleased with the Company's overall results for the first quarter. All of our operating segments contributed to stronger than anticipated growth and our profits exceeded our expectations as a result."
The Company's core laundry revenues were $238.7 million in the first quarter, up 5.7% from those reported in the same period a year ago. After excluding the positive effect of acquisitions as well as a stronger Canadian dollar, the Company's core laundry revenues increased 4.2% organically. Core laundry operating income declined 2.8% to $34.4 million in the first quarter from $35.4 million for the same period in the prior year. The core laundry's operating margin also fell to 14.4% in the first quarter from 15.7% in the first quarter of fiscal 2010.

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