By Sabela Ojea
Shares of Vestis Corp. dropped Wednesday after the company reported a more-than-halved profit for the latest quarter and said operating chief Christopher Synek has resigned.
At 1:08 p.m. ET, shares were down 10% to $20.04. The stock has, however, increased 18% in the past three months.
The provider of uniforms and workplace supplies posted a fiscal first-quarter profit for the three months ended Dec. 29 of $12.3 million, or nine cents a share, compared with $33.5 million, or 26 cents a share, for the same period a year earlier.
Revenue, on the other hand, rose to $717.9 million from $700.7 million in the prior year.
Regarding Synek’s sudden exit, Vestis didn’t disclose plans to name a successor.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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