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By PBN Staff
By PBN Staff
PROVIDENCE – United Natural Foods Inc.’s net income rose to $28 million, or 56 cents per diluted share, during the second quarter of its fiscal 2014 year, a 23.6 percent increase over the $22.6 million, or 46 cents per diluted share, reported for the same period last year.
UNFI also saw net sales increase, 13.9 percent during the three months ended Feb. 1, rising to $1.6 billion from $1.4 billion in the second quarter of fiscal 2013.
Total operating expenses as a percentage of net sales were 13.3 percent for the quarter, a decline of 70 basis points compared with the same period last fiscal year. UNFI’s total operating expenses for the second quarter of fiscal 2014 included $3.6 million the company tied to a labor action at its Auburn, Wash., facility.
“Continued demand for our products further demonstrates that the trend toward natural and organic consumption continues to gain momentum,” said Steven Spinner, president and CEO of UNFI.
For the fiscal year to date, UNFI reported net income of $55.7 million, or $1.12 per diluted share, an increase of 26.2 percent over the $44.2 million, or 89 cents per diluted share, reported for the same six-month period in fiscal 2013. Net sales increased 13.7 percent in the six months ended Feb. 1, rising to $3.2 billion from $2.9 billion a year earlier.
In the earnings report, released Monday, UNFI increased its guidance for fiscal 2014 earnings per share to approximately $2.45 to $2.51 from the previous estimate of $2.40 to $2.50. The company expects net sales in the range of $6.7 billion to $6.78 billion, an increase of between 10.5 percent and 11.8 percent compared with fiscal 2013.