UNF - UniFirst sluggish despite beating estimates for FQ3

UniFirst ([[UNF]] -0.9%) reports FQ3 revenue decrease of 4.2% Y/Y to $464.3M, beating consensus by $10.3M.Revenue breakdown: Core Laundry Operations $409M (+5.3% Y/Y), Specialty Garments $38.2M (+5.7% Y/Y), and First Aid $17.1M (-18.6%).FQ3 Operating margins: Total improved 550 bps to 11.7%; Core Laundry Operations improved 610 bps to 11.2%; Specialty Garments improved 410 bps to 21.7% whereas First Aid declined 650 bps to 1.3%.Cash, equivalents, and short-term investments totaled $535M and no long-term debt as of May. 29.In Q3 2021, the Co. did not purchase any shares of common stock under its previously announced $100M stock repurchase program.2021 Outlook: Expect revenues between $1.81B and 1.817B vs. consensus of $1.80B and EPS of $7.80-8.00 vs. consensus of $7.64.Previously: UniFirst EPS beats by $0.38, beats on revenue; issues FY2021 guidance (June 30)

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UniFirst sluggish despite beating estimates for FQ3