MINNETONKA, MN — Uniform supplier and facility service provider G&K Services Inc.
recently noted a significant increase in fiscal first-quarter net income, according to a press release
Net income for the three-month period jumped from $1.46 million in the year-ago quarter to $3.27 million, the release stated.
Adjusted net income for the quarter plummeted from last year''s $9.30 million to the current $3.94 million, the release noted.
According to the release, quarterly earnings beat expectations from analysts surveyed by Thomson Reuters
by 3 cents per share.
The company says it expects second-quarter revenue to be consistent with first-quarter revenue; moreover, second-quarter operating income margin and earnings per share are expected to improve slightly from first-quarter results, primarily due to recent staffing reductions at its corporate and regional offices and location-specific profitability actions, the release added.