UniFirst Q3: 12.7% Topline Growth, Bottomline Miss, Mixed Outlook & More
Portfolio Pulse from Nabaparna Bhattacharya
Unifirst Corporation reported Q3 FY23 sales growth of 12.7% YoY, beating consensus. However, its adjusted EPS of $1.66 missed the analyst consensus of $1.79. The company's operating income and net income decreased by 0.9% and 3.2% respectively. Despite the mixed results, Unifirst raised its FY23 revenue guidance. The company's shares traded lower by 5.6%.
June 28, 2023 | 4:14 pm
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Unifirst's Q3 FY23 results showed strong sales growth but missed EPS expectations. The company raised its FY23 revenue guidance, but shares traded lower.
Unifirst's strong sales growth indicates a positive market response to its products and services. However, the missed EPS and decrease in operating and net income suggest potential operational inefficiencies or increased costs. The raised revenue guidance for FY23 shows management's confidence in future performance, but the immediate market reaction was negative, with shares trading lower.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100