Aramark's fourth quarter and full-year fiscal 2020 report reveals that consolidated revenue was down 32% in this quarter due to COVID-19.
November 17, 2020 06:30 AM Eastern Standard Time
PHILADELPHIA--(BUSINESS WIRE)--Aramark (NYSE: ARMK) today reported fourth quarter and full-year fiscal 2020 results.
“I am incredibly proud of our teams across the globe for their tireless work serving clients and communities in this extraordinary time of need,” said John Zillmer, Aramark’s Chief Executive Officer. “This dedication, combined with our resilient platform, flexible operating model and steadfast commitment to effectively manage cash flow and liquidity, enabled us to deliver quarter-over-quarter business improvement and cash availability of $2.6 billion at quarter-end. While navigating the unusual challenges of the current environment, we remain focused on fully realizing Aramark’s potential for accelerated long-term growth and enhanced efficiency.”
FOURTH QUARTER RESULTS* Consolidated revenue was $2.7 billion in the quarter, down 32% compared to prior year from the impact of COVID-19. Organic Revenue, which adjusts for the effect of currency as well as the 53rd week of operations, declined 36% year-over-year.
Client reopenings as well as Aramark's expanded service offerings contributed to sequential improvement in business performance across all segments compared to the third quarter.
The full report may be viewed here.
