November 19, 2019 06:30 AM (EST)
PHILADELPHIA--(BUSINESS WIRE)--Aramark (NYSE: ARMK) today reported fourth quarter and full-year fiscal 2019 results.
“Aramark is an iconic company with a promising future. I am incredibly inspired by the many talented field leaders and valued client partners I have met in just 45 days back with the Company,” said John Zillmer, Chief Executive Officer, Aramark. “My immediate priority is to elevate the Company’s hospitality culture and drive the business forward in a way that unlocks meaningful value for all stakeholders."
1 Constant Currency
FOURTH QUARTER RESULTS*
Consolidated revenue was $4.0 billion in the quarter, an increase of 1.0% over the prior year. Adjusted Revenue grew 4.9% compared to the prior year attributed to 3.0% growth in the legacy business and a 1.9% increase related to an accounting rule change. Legacy Revenue growth was driven by new business wins and base business growth across the segments:
- FSS United States increased 1.9% led by continued strong performance in stadiums and arenas as well as growth in national parks and healthcare, partially offset by education.
- FSS International grew 6.3% with continued strong performance in South America and China, as well as Europe despite the strategic exit of non-core custodial accounts in the region that occurred in the previous quarter.
- Uniform & Career Apparel increased 2.7% from pricing and volume as the business focuses on expanding adjacency products and services.
