United Natural Foods Posts Q2 Loss

(RTTNews) - United Natural Foods, Inc. (UNFI) Tuesday reported second-quarter net loss of $341.7 million or $6.72 per share, compared to net income of $50.5 million or $0.99 per share.

The bottom-line was primarily impacted by goodwill and asset impairment charges as well as restructuring, acquisition, and integration related expenses and increased interest expense.

On an adjusted basis, earnings for the quarter were $0.44 per share, down from $0.77 per share last year. On average, 10 analysts polled by Thomson Reuters estimate earnings of $0.24 per share for the quarter.

Net sales for the quarter rose to $6.15 billion from $2.53 billion last year. Analysts had a consensus revenue estimate of $6.0 billion for the quarter. Net sales for the quarter included $3.47 billion from Supervalu.

"I'm pleased by the tremendous work and meaningful progress our team accomplished this quarter on the integration of SUPERVALU and the positioning of UNFI as the premier food distribution company in North America," said CEO Steven Spinner. "We know realizing all the benefits of this combination will take time, and we're focused on executing against our plan for the long-term."

For the full year 2019, United Natural Foods now expects adjusted earnings of $2.00 to $2.40 per share and revenues of $21.5 billion to $22.0 billion. Analysts currently estimate earnings of $1.69 per share and revenues of $24.45 billion.

Earlier, the company expected adjusted earnings of $1.69 to $1.89 per share and revenues of $21.5 to $22.0 billion.