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UNIFIRST CORP

For the period ended Aug 31, 2024. Filed Nov 14, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Nov 14, 2024

UNF$235.40-3.2%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Fiscal Year Ended August 31,2024

or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _____to _______

Commission file number 001-08504.

UNIFIRST CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Massachusetts04-2103460
(State or Other Jurisdiction ofIncorporation or Organization)(IRS EmployerIdentification No.)

68 Jonspin Road

Wilmington, Massachusetts 01887

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code:(978) 658-8888

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.10 par value per shareUNFNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller Reporting Company☐
Emerging Growth Company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b) ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

The number of outstanding shares of the Registrant’s Common Stock and Class B Common Stock as of October 23, 2024 were 15,012,314 and 3,558,435, respectively. The aggregate market value of the voting stock of the Registrant held by non-affiliates as of February 23, 2024 (the last business day of the Registrant’s most recently completed second fiscal quarter), computed by reference to the closing sale price of such shares on such date, was approximately$2,473,792,957.

Documents Incorporated By Reference

The Registrant intends to file a Definitive Proxy Statement pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended, for its 2025 Annual Meeting of Shareholders within 120 days of the end of the fiscal year ended August 31, 2024. Portions of such Proxy Statement are incorporated by reference in Part III of this Annual Report on Form 10-K.

UniFirst Corporation

Annual Report on Form 10-K

For the Fiscal Year Ended August 31, 2024

Table of Contents

PART I1
Item 1.Business1
Item 1A.Risk Factors6
Item 1B.Unresolved Staff Comments16
Item 1C.Cybersecurity16
Item 2.Properties17
Item 3.Legal Proceedings17
Item 4.Mine Safety Disclosures17
PART II18
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities18
Item 6.[Reserved]20
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations21
Item 7A.Quantitative and Qualitative Disclosures About Market Risk36
Item 8.Financial Statements and Supplementary Data37
Consolidated Statements of Income for each of the three years in the period ended August 31, 202437
Consolidated Statements of Comprehensive Income for each of the three years in the period ended August 31, 202438
Consolidated Balance Sheets as of August 31, 2024 and August 26, 202339
Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended August 31, 202440
Consolidated Statements of Cash Flows for each of the three years in the period ended August 31, 202441
Notes to Consolidated Financial Statements42
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm71
Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure73
Item 9A.Controls and Procedures73
Management’s Report on Internal Control Over Financial Reporting74
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm76
Item 9B.Other Information78
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections78
PART III78
Item 10.Directors, Executive Officers and Corporate Governance78
Item 11.Executive Compensation78
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters79
Item 13.Certain Relationships and Related Transactions, and Director Independence79
Item 14.Principal Accountant Fees and Services79
PART IV80
Item 15.Exhibits and Financial Statement Schedules80
ContentsView on SEC.gov

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