United Natural Foods Earnings Beat Estimates- Quick Facts

(RTTNews) - United Natural Foods, Inc. (UNFI) reported second quarter net income of $59.0 million or $1.00 per share compared with net loss of $30.7 million or $0.57 per share in the same quarter a year ago.

Excluding items, adjusted earnings were $1.25, that beat the average estimate of analysts surveyed by Thomson Reuters at $0.81 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 7.1% to $6.89 billion from $6.43 billion last year, helped by strong customer demand. The consensus estimate was for $6.91 billion.

United Natural Foods has reaffirmed its full-year outlook and expects its adjusted earnings to be at the upper end of the previously provided range.

The company sees full-year revenue in the range of $27 billion - $27.8 billion. Adjusted EPS is expected in the range of $3.05 - $3.55. Analysts expect the company to report earnings of $3.17 per share on revenue of $27.22 billion for the period.

"We anticipate the underlying momentum in our business and the increasing benefits we're realizing from our build out the store strategy to continue for the balance of this fiscal year, and we're also very pleased to have extended our strong partnership with Whole Foods through September 2027," commented Steven L. Spinner, Chairman and Chief Executive Officer.