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United Natural Foods, Inc. Message Board

  • michaelisin4u michaelisin4u Sep 8, 2010 9:21 AM Flag

    United Natural Foods Announces Fiscal Year and Fourth Quarter Fiscal 2010 Results

     

    United Natural Foods Announces Fiscal Year and Fourth Quarter Fiscal 2010 Results

    FISCAL 2010 DILUTED EPS INCREASES 14% OVER FISCAL 2009 TO $1.57
    FISCAL 2010 NET SALES INCREASE 8.7% OVER FISCAL 2009 TO $3.76 BILLIONPROVIDENCE, R.I., Sept 08, 2010 /PRNewswire via COMTEX/ --

    Fourth Quarter 2010 Highlights



    •Net sales increased 15.8% to $988.5 million, or 13.2% to $966.4 million excluding acquisitions, compared with the fourth quarter of fiscal 2009
    •$0.40 diluted EPS for Q4 2010, an 11% increase over the fourth quarter of fiscal 2009

    United Natural Foods, Inc. (Nasdaq: UNFI) today reported net sales of $988.5 million for the fourth quarter of fiscal 2010 ended July 31, 2010, an increase of approximately $135.0 million, or 15.8%, from net sales of $853.5 million recorded in the fourth quarter of fiscal 2009. Excluding net sales of $22.1 million related to the Canadian food distribution assets of the SunOpta Distribution Group business of SunOpta Inc. (Nasdaq: STKL, TSX: SOY), acquired in June 2010 and now operating as UNFI Canada, net sales increased by 13.2%, to $966.4 million in the fourth quarter of fiscal 2010, compared to the same period in the prior year.

    "During the fourth quarter, our sales growth continued to accelerate as our business continued to experience strong growth. We also began servicing our previously announced business wins, and closed on our acquisition of UNFI Canada," said Steven Spinner, President and Chief Executive Officer. "As we begin fiscal 2011, we expect to maintain our current trends while continuing to work on business integration and infrastructure enhancements."

    Net income was $17.6 million, or $0.40 per diluted share, for the fourth quarter of fiscal 2010 compared to $15.5 million, or $0.36 per diluted share, in the fourth quarter of fiscal 2009.

    Gross margin was 18.5% for the fourth quarter of fiscal 2010, which represents a 44 basis point decline from gross margin of 19.0% for the fourth quarter of fiscal 2009, primarily due to the continued shift in growth in the Company's customer mix, and moderated inflation. Gross margin reflected a 4 basis point improvement sequentially in comparison to the third quarter of fiscal 2010, ended May 1, 2010, of 18.5%.

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