UNFI 2021 Q3 Earnings Report

United Natural Foods Inc. (NYSE:UNFI) was founded in 1996 as a result of a merger between Mountain People’s Warehouse and Cornucopia Natural Foods. The company grew over the years through acquisitions and expansion of its distribution network. Today, UNFI is a leading wholesale distributor of health and specialty food, operating primarily in the U.S. and Canada (see biggest healthy food brands).

The Rhode Island-based company recently announced mixed financial results for the third quarter. UNFI reported earnings of 80 cents per share for the three months ended May 1, well below $1.60 per share in the comparable period of 2020.

Earnings fell 29.3 percent to 94 cents per share on an adjusted basis and exceeded the consensus forecast of 88 cents per share. Revenue for the quarter came in at $6.62 billion, compared to $7.03 billion in the year-ago quarter. Analysts, on average, were expecting UNFI to post revenue of $6.79 billion.

Commenting on the quarter, CEO Steven Spinner said, “Our results reflect our unrelenting focus on efficiency and the profitability of our business, as we cycled the highest spikes of sales revenue from pantry loading in the prior-year quarter. We continue to focus on helping our customers operate their businesses and meet the needs of their shoppers through our differentiated business model. As the industry and economic backdrop continue to evolve, UNFI remains well positioned for future growth.”

Looking forward, UNFI is expecting adjusted earnings in the range of $3.05 per share to $3.55 per share on revenue between $27.0 billion and $27.8 billion for fiscal 2021. That is compared to the consensus forecast of $3.42 per share for earnings and $27.2 billion for revenue.