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Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended
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Aug. 25, 2018
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Quarterly Financial Information | This summary should be read in conjunction with these Consolidated Financial Statements and notes to Consolidated Financial Statements.
(In thousands, except per share data) For the year ended August 25, 2018 | First Quarter |  | Second Quarter(1) |  | Third Quarter(2) |  | Fourth Quarter(3)
Revenues | $ | 415,778 |  |  | $ | 419,264 |  |  | $ | 427,384 |  |  | $ | 434,063 |
Income before income taxes | 53,033 |  |  | 43,568 |  |  | 47,792 |  |  | 42,853 |
Provision (benefit) for income taxes | 18,827 |  |  | (14,810 | ) |  | 11,433 |  |  | 7,901 |
Net income | $ | 34,206 |  |  | $ | 58,378 |  |  | $ | 36,359 |  |  | $ | 34,952 |
Income per share – basic |  |  |  |  |  |  |
Common Stock | $ | 1.77 |  |  | $ | 3.02 |  |  | $ | 1.94 |  |  | $ | 1.90 |
Class B Common Stock | $ | 1.42 |  |  | $ | 2.42 |  |  | $ | 1.55 |  |  | $ | 1.52 |
Income per share – diluted |  |  |  |  |  |  |
Common Stock | $ | 1.67 |  |  | $ | 2.85 |  |  | $ | 1.85 |  |  | $ | 1.81 |
Income allocated to – basic |  |  |  |  |  |  |
Common Stock | $ | 27,384 |  |  | $ | 46,744 |  |  | $ | 30,034 |  |  | $ | 29,312 |
Class B Common Stock | $ | 6,822 |  |  | $ | 11,634 |  |  | $ | 6,325 |  |  | $ | 5,640 |
Income allocated to – diluted |  |  |  |  |  |  |
Common Stock | $ | 34,206 |  |  | $ | 58,378 |  |  | $ | 36,359 |  |  | $ | 34,952 |
Weighted average number of shares outstanding – basic |  |  |  |  |  |  |
Common Stock | 15,462 |  |  | 15,481 |  |  | 15,446 |  |  | 15,429 |
Class B Common Stock | 4,816 |  |  | 4,816 |  |  | 4,087 |  |  | 3,711 |
Weighted average number of shares outstanding – diluted |  |  |  |  |  |  |
Common Stock | 20,434 |  |  | 20,463 |  |  | 19,687 |  |  | 19,335 |
(1) | The Company's second quarter results include a $20.1 million benefit to the Company’s provision for income taxes due to remeasurement of deferred tax balances and the one-time transition tax resulting from the Act enacted on December 22, 2017. This gain translated into $0.98 gain to the Company’s diluted earnings per share.
(2) | On March 27, 2018, UniFirst repurchased 1.105 million shares of Class B Common Stock and 0.073 million shares of Common Stock for a combined $146.0 million in a private transaction with the Croatti family at a per share price of $124.00.
(3) | The Company's fourth quarter results also include a $7.2 million pre-tax one-time bonus to our employees so that they may share in the benefits received from the recent U.S. tax reform. This expense, net of tax, reduced the Company's diluted earnings per share by $0.25.
(In thousands, except per share data) For the year ended August 26, 2017 | First Quarter |  | Second Quarter |  | Third(1) Quarter |  | Fourth(2) Quarter
Revenues | $ | 386,108 |  |  | $ | 391,427 |  |  | $ | 409,834 |  |  | $ | 403,589 |
Income (loss) before income taxes | 46,064 |  |  | 37,374 |  |  | 39,362 |  |  | (7,677 | )
Provision (benefit) for income taxes | 17,850 |  |  | 14,858 |  |  | 15,000 |  |  | (2,781 | )
Net income (loss) | $ | 28,214 |  |  | $ | 22,516 |  |  | $ | 24,362 |  |  | $ | (4,896 | )
Income (loss) per share – basic |  |  |  |  |  |  |
Common Stock | $ | 1.46 |  |  | $ | 1.17 |  |  | $ | 1.26 |  |  | $ | (0.25 | )
Class B Common Stock | $ | 1.17 |  |  | $ | 0.93 |  |  | $ | 1.01 |  |  | $ | (0.20 | )
Income (loss) per share – diluted |  |  |  |  |  |  |
Common Stock | $ | 1.38 |  |  | $ | 1.10 |  |  | $ | 1.19 |  |  | $ | (0.24 | )
Income (loss) allocated to – basic |  |  |  |  |  |  |
Common Stock | $ | 22,342 |  |  | $ | 17,836 |  |  | $ | 19,307 |  |  | $ | (3,908 | )
Class B Common Stock | $ | 5,668 |  |  | $ | 4,518 |  |  | $ | 4,883 |  |  | $ | (978 | )
Income (loss) allocated to – diluted |  |  |  |  |  |  |
Common Stock | $ | 28,020 |  |  | $ | 22,362 |  |  | $ | 24,199 |  |  | $ | (4,886 | )
Weighted average number of shares outstanding – basic |  |  |  |  |  |  |
Common Stock | 15,285 |  |  | 15,305 |  |  | 15,326 |  |  | 15,402 |
Class B Common Stock | 4,847 |  |  | 4,846 |  |  | 4,846 |  |  | 4,818 |
Weighted average number of shares outstanding – diluted |  |  |  |  |  |  |
Common Stock | 20,249 |  |  | 20,263 |  |  | 20,279 |  |  | 20,220 |
(1) | The Company's third quarter results include $5.4 million pre-tax loss compensation expense as a result of the accelerated vesting of certain shares upon the death of the Company's former Chief Executive Officer, Ronald D. Croatti. This loss translated into a $3.3 million net loss or $0.16 loss to the Company's diluted earnings per share.
(2) | The Company's fourth quarter results include an impairment charge of capitalized costs as part of its ongoing CRM systems project totaling $55.8 million pre-tax loss. This loss translated into a $34.1 million net loss or $1.44 loss to the Company’s diluted earnings per share.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=84173487&loc=d3e1280-108306 + Details
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