United Natural Results In Line With Estimates; Appoints Michael Zechmeister CFO

(RTTNews) - United Natural Foods Inc (UNFI) on Tuesday reported fourth-quarter net earnings of $36.1 million or $0.72 per share compared with $33.4 million or $0.67 per share last year.

Revenues for the quarter were $2.06 billion compared with $1.76 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.72 per share on revenues of $2.06 billion for the quarter. Analysts' estimates typically exclude special items.

Gross margin was 15.3% for the quarter, a 109 basis point decrease from last year.

For the full year 2016, the company still expects adjusted earnings of $2.86 to $2.98 per share on revenues of $8.51 billion to $8.67 billion. Analysts expect earnings of $2.94 per share on revenues of $8.54 billion.

Separately, the company said it has appointed Michael Zechmeister as Senior Vice President, effective today, and he will succeed Mark Shamber as SVP, Chief Financial Officer and Treasurer, effective mid-October.

Shamber will assist with the executive team transition and continue to assist the company with business strategy and development through December 2015.

Zechmeister joins the company from General Mills Inc (GIS) with over 25 years of corporate finance, audit, treasury, operations and merger and acquisition experience. Over his tenure with General Mills,, he served in a variety of senior finance roles, including most recently as Vice President, Finance, Yoplait USA.