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Unifirst Corporation (UNF-0.61%) has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing reports total revenues of $2,427,431,000, an increase from $2,233,047,000 in the previous year. This growth was driven by organic growth, acquisition-related growth, and an additional week in fiscal 2024.
Operating income was reported at $183,578,000, up from $133,603,000 in the prior year. This increase was primarily due to revenue growth and improved cost management.
Net income for the year was $145,474,000, compared to $103,674,000 in fiscal 2023. The effective income tax rate decreased to 23.2% from 25.3% in the previous year.
Unifirst's U.S. and Canadian Rental and Cleaning segment generated $2,083,059,000 in revenues, with Specialty Garments and First Aid contributing $182,212,000 and $106,271,000 respectively.
The company reported $161,571,000 in cash and cash equivalents at the end of fiscal 2024, an increase from $79,443,000 at the end of fiscal 2023.
Capital expenditures for the year totaled $160,417,000, primarily for investments in the company's infrastructure and technology capabilities.
Unifirst completed the acquisition of Clean Uniform in March 2023, contributing to the company's revenue growth.
The company identified material weaknesses in its internal control over financial reporting related to IT systems, which it is working to remediate.
Unifirst's Board of Directors declared increased quarterly cash dividends, reflecting the company's financial performance and outlook.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Unifirst Corporation annual 10-K report dated November 14, 2024. To report an error, please email earnings@qz.com.