UniFirst Corporation (NYSE:UNF) Q1 2023 Results Conference Call January 4, 2023 9:00 AM ET

Company Participants

Steven Sintros - President and CEO

Shane O'Connor - EVP and CFO

Conference Call Participants

Andy Wittmann - Baird

Andrew Steinerman - JP Morgan

Operator

Greetings, and welcome to the UniFirst Corp. First Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode after which we'll conduct a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Steven Sintros, UniFirst President and Chief Executive Officer. Please go ahead.

Steven Sintros

Thank you, and good morning. I'm Steven Sintros, UniFirst's President and Chief Executive Officer. Joining me today is Shane O'Connor, Executive Vice President and Chief Financial Officer. I'd like to welcome you to UniFirst Corporation's conference call to review our first quarter results for fiscal year 2023. This call will be on a listen-only mode until we complete our prepared remarks, but first, a brief disclaimer.

This conference call may contain forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties. The words anticipate, optimistic, believe, estimate, expect, intend and similar expressions that indicate future events and trends identify forward-looking statements. Actual future results may differ materially from those anticipated depending on a variety of risk factors. For more information, please refer to the discussion of these risk factors in our most recent Form 10-K and 10-Q filings with the Securities and Exchange Commission.

Overall, our results for the first quarter came in largely as anticipated, and I continue to be pleased with the steady progress of our key technology and infrastructure initiatives. We continue to be focused on making long-term investments in our business designed to accelerate growth and profitability as well as ensure we are providing industry-leading services for years to come. I want to thank our thousands of dedicated team partners to continue to always deliver for each other and our customers.

Consolidated revenues in the first quarter grew 11.4% and adjusted earnings per share grew 10.5%. Shane will provide the details of our first quarter results shortly as well as comment on our outlook for the full fiscal year, which remains unchanged from our year-end earnings call. We are pleased with the execution of our team, which continue to deliver solid performances in both new account sales as well as customer retention.