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UniFirst 2nd-quarter Profit Rises

The Associated Press

WILMINGTON, Mass. (AP) — UniFirst Corp., which supplies uniforms and protective clothing, said Wednesday its fiscal second-quarter profit rose nearly 20 percent as the company cut costs to offset lower revenue.

Profit for the quarter ended Feb. 28 rose to $18.3 million, or 94 cents per share, from $15.3 million, or 79 cents per share last year.

Revenue fell 5 percent to $257.3 million from $270.3 million a year ago. Revenue was hurt by one less work week in the quarter compared with a year ago, the company said.

Analysts surveyed by Thomson Reuters, on average, predicted a profit of 67 cents per share on revenue of $254.9 million.

Costs and expenses fell 8 percent to $223.4 million.

"We're focused on bringing our labor and other costs in line with the reality of a contracting economy," said Ronald D. Croatti, company president and chief executive.

Shares rose 50 cents to $29.29 during aftermarket trading.