UniFirst Corporation (NYSE:UNF) Q3 2022 Earnings Conference Call June 29, 2022 9:00 AM ET
Company Participants
Steven Sintros - President and CEO
Shane O’Connor - EVP and CFO
Conference Call Participants
Andrew Wittmann - Baird
Tim Mulrooney - William Blair
Andrew Steinerman - JPMorgan
Operator
Greetings, and welcome to the UniFirst Corporation Third Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions]. As a reminder, this conference is being recorded today, Wednesday, June 29, 2022.
It is now my pleasure to turn the conference over to Steven Sintros, President and Chief Executive Officer. Please go ahead, sir.
Steven Sintros
Thank you and good morning. I'm Steve Sintros, UniFirst's President and Chief Executive Officer. Joining me today, as always, is Shane O’Connor, Executive Vice President and Chief Financial Officer. We would like to welcome you to UniFirst Corporation's conference call to review our third 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 Form 10-K and 10-Q filings with the Securities and Exchange Commission.
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. I want to thank our thousands of team partners, who in the face of a challenging operating environment, continued to always deliver for each other and our customers.
Overall, our third quarter results reflect a strong top line performance with consolidated revenues growing 10.2%. We are pleased with the execution of our team, which has delivered solid performances in both new account sales as well as customer retention so far this year. In addition, ware additions versus reductions are positive this year-to-date indicating growth in our customer base.
The strong revenue growth in the quarter also reflects the impact of price adjustments throughout the year as we work with our customers to share in cost increases related to the inflationary environment. This includes more recent efforts to help offset surging energy and related costs.