Thursday, September 20, 2001
Cintas has healthy 1st-quarter sales
The Cincinnati Enquirer
Despite the national slowdown in hiring, Mason uniform-maker Cintas Corp. Wednesday reported a 10 percent increase in fiscal first quarter earnings.
For the three months ended Aug. 31, Cintas said net income increased to $56.5 million, or 33 cents a share, from $50.8 million, or 30 cents a share, a year ago. The gain was near the top end of analysts' estimates, which ranged from 30 to 34 cents a share, according to a survey by Thomson Financial/First Call.
Cintas said revenues grew 8 percent to $565 million.
The company said despite a slowdown in business from existing uniform customers, it continued to sign up new customers and expanded sales of floor mats, hygiene and first aid products.
In light of the Sept. 11 terrorist attacks, Cintas said it will reexamine its outlook for the coming year. Previously, the company said it expected earnings in the range of $1.48 to $1.53 a share.
In other earnings news:
Kroger Co. reported a 23 percent increase in second-quarter net income.
The nation's largest supermarket chain, based in Cincinnati, met profit expectations for the quarter ended Aug. 18. Kroger said it is still aiming at attaining 16 to 18 percent earnings per share growth from 2000 to 2002.
Kroger sales increased 4.2 percent to $11.5 billion, but same-store sales rose a scant 0.8 percent, below the company's target of 1.2 percent. It was only the second time since Kroger's 1999 acquisition of Fred Meyer Inc. that the company failed to surpass its targeted same-store sales increase.
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