United Natural Foods Declines 11% As Q1 Earnings Drop, Below Estimates

(RTTNews) - Shares of United Natural Foods, Inc. (UNFI) are falling more than 11% Wednesday morning after the company's first-quarter earnings missed analysts' view.

Profit for the first quarter declined to $66 million or $1.07 per share from $76 million or $1.25 per share in the same quarter a yer ago.

Excluding one-time items, earnings were $1.13 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $1.15 per share.

Net sales increased 7.6% year-on-year to $7.5 billion. The consensus estimate stood at $7.48 billion.

Looking forward, the company expects full-year net sales to be in the range of $29.8 billion-$30.4 billion.

Adjustd EPS for the year is expected between $4.85-$5.15.

Analysts expect the company to report earnings of $5.04 per hare on revenue of $30.17 billion for the year.

UNFI is at $40.28 currently. It has traded in the range of $32.90-$57.89 in the last 1 year.