UniFirst Board Authorizes Share Repurchase Program - Quick Facts

(RTTNews) - UniFirst Corp. (UNF) announced, on January 2, 2019, the company's Board of Directors approved a share repurchase program authorizing the company to repurchase up to $100.0 million of its outstanding shares of common stock. Repurchases made under the program will be made in either the open market or in privately negotiated transactions.

For the first quarter of fiscal 2019, UniFirst reported operating income $50.4 million compared to $51.9 million in the prior year. Revenues for the quarter were $438.6 million, up 5.5% from $415.8 million in the comparable prior year period.

Steven Sintros, UniFirst CEO, said, "At this time, we continue to expect our fiscal 2019 revenues to be between $1.765 billion and $1.785 billion, however, due to the increases that we are experiencing primarily in our payroll costs and merchandise amortization we now expect full year diluted earnings per share to be between $6.65 and $6.90. This guidance excludes the impact of the CRM-related settlement agreement and as a reminder, our guidance for fiscal 2019 includes one extra week of operations compared to fiscal 2018 due to the timing of our fiscal calendar."