Cintas Corp, a US-based uniform supplier company, reported 4.7 per cent decrease in its revenue to $1.75 billion during the second quarter (Q2) for fiscal 2021 that ended on November 31, 2020 compared to the revenues of $1.84 billion in the same period prior year. However, company’s net income grew 15.7 per cent to $284.8 million (Q2 FY20: $246.1 million).
“I am pleased with our second quarter financial performance. The Covid-19 coronavirus pandemic remained a significant disruption to the economy, and the recovery slowed in November as the number of coronavirus cases increased. However, our employee-partners have not wavered in their passion for getting businesses Ready for the Workday,” Scott Farmer, Cintas’ chairman and chief executive officer, said in a press release.
Revenue of uniform rental and facility services fell 4.0 per cent to $1.41 billion ($1.46 billion). While other revenue were down 7.3 per cent to $346.5 million ($373.7 million).
Gross margin for the quarter was $819.9 million ($852.4 million). Selling, general and administrative expenses for Q2 FY21 were $467.0 million ($517.9 million). Company’s operating income for the quarter increased 5.5 per cent to $352.8 million ($334.4 million).
In the second quarter, Cintas reported that certain Uniform Rental and Facility Services operating assets were sold.