United Natural Foods 1Q income rises 29 percent

United Natural Foods 1Q net income rises on better sales; year-ago charge weighed results

Associated Press

NEWS: United Natural Foods said Tuesday its net income rose 29 percent in the fiscal first quarter as sales improved and it was free of a one-time charge that weighed its year-ago results.

DETAILS: The Providence, R.I., company distributes natural and organic and specialty foods. A year ago it took a charge of $4.9 million to settle an unclaimed property audit.

NUMBERS: United Natural Foods said its net income rose to $27.8 million, or 56 cents per share, from $21.5 million, or 43 cents per share. Revenue grew 14 percent, to $1.6 billion from $1.41 billion.

Analysts expected net income of 54 cents per share and $1.61 billion in revenue, according to FactSet. The company's fiscal first quarter ended on Nov. 2.

FUTURE: United Natural Foods Inc. backed its guidance for the fiscal year, saying it expects to earn between $2.40 and $2.50 per share on $6.65 billion to $6.78 billion in revenue.

On average, analysts are forecasting net income of $2.50 per share and revenue of $6.74 billion.

STOCK: Shares of United Natural Foods lost 16 cents to $68.67 Tuesday and fell 20 cents to $68.47 in aftermarket trading following the release of the earnings report.

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