United Natural Foods, Inc. (UNFI) on Tuesday reported a net profit for the third quarter, helped by a drop in expenses. However, the company posted a decline in net sales. In addition, United Natural Foods has revised its annual guidance
For the three-month period to May 2, the company reported a net income of $33 million, compared with a net loss of $7 million in the same period last year. Net earnings per share were $0.52 as against the prior year's net loss of $0.12 per share.
Excluding items, profit was $48 million, higher than $27 million in the previous year. Adjusted income per share was $0.77 as against last year's $0.44 per share.
Operating income surged to $66 million from $15 million in the previous year. Cost of sales stood at $6.674 billion, compared with $6.977 billion last year.
Net sales stood at $7.723 billion, less than $8.059 billion a year ago. This decline in sales includes around 450 basis point impact from accretive optimization actions, largely driven by an expected fall in conventional sales primarily due to the transition out of the Allentown, Pennsylvania distribution center completed in the first quarter.
Looking ahead, for the 12-month period to August 1, the company now expects net income of $0.90 to $1.10 per share, compared with the earlier guidance of $0.80 to $1.20 per share. Net income is now anticipated to be in the range of $55 million to $70 million against the earlier expectation of $50 million to $75 million.
Excluding items, United Natural Foods now projects earnings of $2.40 to $2.60 per share, compared with $2.30 to $2.70 per share previously.
The food company now expects net sales of $31.1 billion to $31.3 billion, compared with the earlier outlook of $31 billion to $31.4 billion.
For fiscal 2025, the company had reported net loss of $118 million, or $1.95 per share, with adjusted income of $0.71 per share, on net sales of $31.784 billion.
UNFI was down by 11.94% at $45.50 in the pre-market trade on the New York Stock Exchange.
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