UniFirst Corporation (NYSE:UNF) Q4 2022 Earnings Conference Call October 19, 2022 9:00 AM ET

Company Participants

Steven Sintros - President and CEO

Shane O'Connor - EVP and CFO

Conference Call Participants

Andrew Steinerman - JPMorgan

Andy Wittmann - Baird

Jack Boyle - Northcoast

Tim Mulrooney - William Blair

Operator

Greetings, and welcome to the UniFirst Corp. Fourth Quarter Earnings Conference Call. [Operator Instructions]

It is now my pleasure to turn the conference over to Steven Sintros, 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 fourth quarter results for fiscal year 2022. 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 10-K and 10-Q filings with the Securities and Exchange Commission.

We are very excited to be announcing today that we have officially reached another major milestone as a company as we reported just over $2 billion in annual revenues for our fiscal 2022. UniFirst has come a long way from our humble beginnings back in 1936, operating out of a single location in Boston, Massachusetts, and we are very -- we continue to be very excited about our future.

I want to thank our thousands of Team Partners who in the face of a challenging operating environment continue to Always Deliver for each other and our customers. They are the engine that makes UniFirst go and they deserve all the credit for our ability to be celebrating this milestone today.

During the quarter, as always, our team focused on providing industry-leading service to our customers as well as selling prospective customers on the value that UniFirst can bring to their businesses. Our fourth quarter results reflect a strong top line performance that allowed us to hit that $2 billion mark with consolidated revenues growing 11%. We are pleased with the execution of our team, which delivered solid performances in both new account sales as well as customer retention in fiscal '22. Continuing the trend from prior quarters, the strong revenue growth also reflects the impact of price adjustments from throughout the year as we continue to work with our customers to share in cost increases related to the inflationary environment.